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Attorney General Todd Blanche announced Friday that the Justice Department will not reopen its criminal investigation into former Federal Reserve Chairman Jerome Powell regarding the multibillion-dollar headquarters renovation project. Based on an internal watchdog report released earlier this week, which found significant management issues but no evidence of criminal wrongdoing or administrative misconduct in the $2.4 billion renovation, Blanche stated there would be no immediate further action. However, he noted that if new information emerges from an independent audit of construction costs, the DOJ could investigate again.
Written locally by qwen2.5:14b on 2026-10-03,
using this article's own text rather than the other coverage of the
same event (that is the story summary below).
Story summary
US Justice Department announced on Friday that it would not reopen a criminal investigation into Jerome Powell, former chair of the Federal Reserve, regarding cost overruns in the central bank’s building renovation project. The decision came after the Fed's inspector general released a report concluding no evidence of criminal wrongdoing or administrative misconduct but noting significant oversight issues. Attorney General Todd Blanche told Bloomberg News that while the department was not reopening an investigation currently, it could reconsider if new evidence emerged. Powell has stayed on as a governor at the Fed since stepping down from his role as chair in May. His successor, Kevin Warsh, said he would hire an independent auditor to review all costs associated with the project.
Written for “DOJ Declines Powell Investigation” on 2026-10-04,
grounded in this article and the 1 other(s) covering the same event.
Attorney General Todd Blanche said Friday that the Justice Department will not open its criminal investigation into former Federal Reserve Chairman Jerome Powell following the release of an internal watchdog report that found no evidence of criminal wrongdoing.
asserted
that → say → wrongdoing
“We’re not reopening a criminal investigation into him,” Blanche told Bloomberg in an interview Friday, closing off the possibility that prosecutors would revive the investigation into Powell over the Fed’s multibillion-dollar headquarters renovation, at least for now.
asserted
prosecutors → reopen → renovation
Blanche said he was satisfied with the findings of the central bank”s inspector general, which released a report this week examining the roughly $2.4 billion renovation project.
asserted
which → say → project
The watchdog found significant shortcomings in the Fed’s management and oversight of the project but no evidence warranting a criminal referral or finding of administrative misconduct.
asserted
watchdog → find → misconduct
The attorney general, however, left open the possibility of future action if new evidence emerges.
asserted
evidence → leave → action
The Fed has said it will bring in an independent auditor to scrutinize the construction cost, and Blanche said the DOJ could investigate if that review uncovers evidence of wrongdoing.
uncertain
review → say → wrongdoing
“I expect there will be an auditing process,” Blanche said.
asserted
Blanche → expect → ?
“If they learn anything that rises to any kind of criminal misconduct, you better believe we’re going to investigate that.”
asserted
we → learn → that
President Donald Trump and Powell had clashed over how the renovations were managed, as well as Powell’s repeated decision not to lower interest rates.
asserted
renovations → clash → rates
As the feud developed, Trump railed against Powell for the project’s price tag, saying the project had become over $1 billion more expensive than its initial estimate.
asserted
project → develop → estimate
Powell announced in January that the DOJ was investigating him following allegations that he lied in a 2025 Senate testimony regarding renovations to the Fed buildings.
asserted
he → announce → buildings
Prosecutors later dropped the inquiry after it caused a rift in Trump’s pick to lead the central bank, Kevin Warsh, being confirmed.
asserted
it → drop → bank
The possibility of reopening the investigation resurfaced after the inspector general released its findings
asserted
general → reopen → findings
The president said he had asked Blanche to study the report and “make a determination as to what to do” about the cost overruns.
asserted
he → say → overruns
He said that Powell should be forced to resign from the Fed.
asserted
Powell → say → Fed
Powell’s term as chairman ended on May 15, while his term as a board member runs until 2028.
uncertain
term → end → 2028
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