No Reopening of DOJ Probe into Fed's Powell Over Renovation Costs

The US Justice Department has confirmed it will not reopen a criminal probe into former Federal Reserve Chair Jerome Powell for cost overruns related to the central bank's building renovation project. A DOJ spokesperson made this statement on Friday, responding to ongoing scrutiny of the project.

The Fed's Inspector General had previously concluded that there was no evidence of wrongdoing or administrative misconduct tied to the project cost overruns, but did find lax oversight. This conclusion sparked a call from President Donald Trump for Powell's resignation.

Powell has remained at the Fed as a governor since stepping down as chair in May. In response to the ongoing controversy, new Fed Chairman Kevin Warsh announced that he would hire an independent auditor to review all of the project's costs and verify their accuracy.