US Justice Department will not reopen investigation into ex-Fed Chair Powell — Anadolu Agency

The US Department of Justice will not reopen a criminal investigation into former Federal Reserve Chair Jerome Powell over cost overruns in the renovation of the central bank’s headquarters. US Attorney General Todd Blanche said this in an interview with Bloomberg, Anadolu Agency reports.

Justice Department’s position

“We are not reopening a criminal investigation into him,” Blanche said. At the same time, he did not rule out that the department would continue examining oversight of the renovation project and could take action if evidence of wrongdoing emerges.

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Review of the renovation

US President Donald Trump demanded that Powell leave his position as a member of the Federal Reserve Board of Governors over cost overruns in the renovation of the institution’s headquarters. Trump also threatened a lawsuit, saying that the US government should sue Powell over possible corruption or incompetence.

At the same time, an inspector general’s review found no grounds for a criminal referral or administrative violations. However, it identified significant shortcomings in the Fed’s oversight of the renovation. Powell’s term as Fed chair ended in May, but he remains a member of the central bank’s Board of Governors.