DOJ Drops Reopened Investigation into Powell's Renovation Role

Jerome Powell, former Federal Reserve Chair, will not face a reopened criminal investigation into his role in the central bank's building renovation project. According to Attorney General Todd Blanche, no evidence of wrongdoing was found by an inspector general report released earlier this week.

Although the Department of Justice has decided against reopening the case, Blanche did leave room for further investigation if new information comes to light. This includes potential future action related to the renovation project's costs.

The independent auditor engaged by the Fed will scrutinize the project's expenses and uncover any evidence of wrongdoing. Powell stepped down as Fed chair in May when his four-year term officially expired, stating that he wanted to preserve the central bank's independence.