DOJ Abandons Investigation into Former Fed Chair Jerome Powell

The US Department of Justice (DOJ) has abandoned its investigation into Jerome Powell, the former Federal Reserve Chair, after finding no evidence of criminal wrongdoing. The DOJ's decision comes after a report by the Fed's Office of Inspector General found that while there were missteps in the central bank's $2.4 billion building renovation project, there was no intent to deceive.

The investigation had been ongoing since Trump called for Powell to resign or face legal action in May, hours after the inspector general report exonerated him. Trump claimed that if Powell didn't resign, he should be sued by the US government for corruption or incompetence. Powell refused to leave until the investigation was complete.

Fed spokesperson declined to comment on the matter. The DOJ's decision marks a significant shift in their stance on Powell, who has been at odds with Trump since refusing to lower interest rates as much as he wanted in April. Trump had called for Powell's firing before his term as Fed chair ended on May 15.