DOJ says it will not reopen criminal probe into former Fed Chair Powell

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1. 2h ago

   DOJ Rules Out Criminal Probe Into Former Fed Chair Powell

   The United States Justice Department confirmed it will not reopen a criminal investigation into former Federal Reserve Chair Jerome Powell. The decision follows a report from the central bank's inspector general finding no misconduct, illegal activity, or grounds for a criminal referral regarding cost overruns on the building renovation project. Attorney General Todd Blanche stated that while the criminal probe remains closed, the department has not ruled out examining project oversight or taking potential action if evidence of wrongdoing emerges.

   Why it matters

   The inquiry centered on severe cost overruns associated with the central bank headquarters renovation project. Before the Justice Department decision, former President Donald Trump argued that Jerome Powell should be forced to resign over the matter. The inspector general report cleared Powell of criminal conduct, providing the basis for the Justice Department to dismiss the need for a reopened criminal case.

   What is confirmed

   • The US Justice Department is not reopening a criminal probe into former Federal Reserve Chair Jerome Powell for cost overruns related to the central bank's building renovation project.
   • The Fed's inspector general report found no misconduct, illegal activity, or grounds for a criminal referral over the mismanaged headquarters renovation.
   • Attorney General Todd Blanche stated that he has not ruled out continuing to look into the project's oversight and potentially taking action if evidence of wrongdoing came to light.

   Still unconfirmed

   • Trump stated that Jerome Powell should be forced to resign.

   What to watch next

   • Potential further review of project oversight by the Justice Department if new evidence of wrongdoing emerges.
   Sources used for this update (11)

   1. The New York Times — Fed’s Watchdog Finds No Misconduct or Illegal Activity in Costly Renovations
   2. forbes.com — Trump Says Jerome Powell Should Be ‘Forced’ To Resign
   3. Politico — DOJ will not reopen criminal probe of Powell, Blanche says
   4. CNBC — DOJ says it will not reopen criminal probe into former Fed Chair Powell
   5. Yahoo Finance — Attorney General says he won't reopen investigation of former Fed Chair Jerome Powell
   6. english.aawsat.com — DOJ Will Not Reopen Criminal Probe into Fed's Powell
   7. Cato Institute — A $1 Billion Overrun and a Promotion: The Fed’s Bureaucracy Problem
   8. New York Post — Jerome Powell off the hook for the ‘Palace of Versailles’ renovation — but he’s still guilty of being a lousy Fed Chair
   9. www.cnbc.com — DOJ says it will not reopen criminal probe into former Fed Chair Powell
   10. www.yahoo.com — DOJ will not reopen criminal probe into Fed's Powell, spokesperson says
   11. flipboard.com — DOJ says it will not reopen criminal probe into former Fed Chair Powell
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