The Justice Department has concluded its criminal investigation into Federal Reserve Chair Jerome Powell concerning his oversight of ongoing renovations at the central bank. Jeanine Pirro, the U.S. Attorney for Washington, D.C., announced that her office is closing the probe, as the Federal Reserve's inspector general, an independent watchdog, has been assigned to examine the building cost overruns that have reached billions of dollars and been borne by taxpayers.
Investigation Closure
Pirro stated that she is directing her office to terminate the investigation, emphasizing that the inspector general's review would provide thorough scrutiny. However, she reserved the right to reopen the case if new evidence emerges, saying she would "not hesitate" to restart the investigation "should the facts warrant doing so."
Background
The probe focused on Powell's management of the renovations, which have faced significant cost overruns. The decision to end the criminal inquiry follows the inspector general's involvement, which is expected to provide a detailed analysis of the financial discrepancies.
