DOJ Closes Probe into Powell's Renovation Project

The US Department of Justice (DOJ) has announced that it will not reopen its probe into Federal Reserve Chairman Jerome Powell's handling of a renovation project at the Fed's headquarters. The investigation, which was initiated in January, focused on potential criminal conduct by Powell in connection with the project, but found no evidence to support such claims.

In a statement to Bloomberg, Blanche said that while Powell 'did not act appropriately as far as oversight,' this did not necessarily constitute a crime. According to the Fed's inspector general, costs for the renovation more than doubled from initial estimates.

The watchdog faulted the Fed's management of the project but concluded that there was no evidence of criminal conduct by Powell. In response to the report, the Fed will commission an independent audit of the project.