DoJ declines to reopen investigation into former Fed chair Jay Powell
The U.S. Department of Justice has decided not to reopen a criminal investigation into former Federal Reserve chair Jerome Powell regarding renovation cost overruns. While no criminal misconduct was found, the Fed plans to hire an independent auditor to ensure future financial compliance.
Why it matters
Addresses accountability and oversight within a major U.S. financial institution, impacting public trust in the Federal Reserve.
Jay Powell, the Fed chair, at a bank meeting in January. Jay Powell, the Fed chair, at a bank meeting in January. Federal Reserve DoJ declines to reopen investigation into former Fed chair Jay Powell Kevin Warsh’s predecessor had been investigated over cost overruns related to central bank renovation project
Prefer the Guardian on Google The US justice department is not reopening a criminal investigation into former Federal Reserve chair Jerome Powell for cost overruns related to the central bank’s building renovation project, a department spokesperson said on Friday.
Attorney general Todd Blanche – in comments to Bloomberg News , which first reported the development – said he has not ruled out continuing to look into the project’s oversight and potentially take action if evidence of wrongdoing came to light.
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