US DOJ Declines to Reopen Investigation into Jerome Powell

The US Department of Justice has declined to reopen its investigation into former Federal Reserve Chair Jerome Powell over cost overruns related to the central bank's building renovation project.

The decision was made after a spokesperson for the Justice Department stated that Attorney General Todd Blanche had not ruled out continuing to look into the project's oversight and potentially taking action if evidence of wrongdoing came to light.

This development comes after the Fed's inspector general found no grounds for a criminal referral or evidence of administrative misconduct tied to the project cost overruns, but did conclude that there was lax oversight.

In response, Donald Trump, who has been a vocal critic of Powell across his two presidencies, called for Powell's resignation. Powell has remained at the Fed as a governor since stepping down as chair in May.