The U.S. Justice Department will not reopen a criminal investigation into former
Federal Reserve Chair Powell, Attorney General Todd Blanche said. The Federal
Reserve inspector general's report this week found no criminal conduct in the
Fed headquarters renovation cost overrun, which rose to about $2.4 billion;
Blanche said he was satisfied with the report but that Powell did not provide
adequate oversight of the project. The Federal Reserve will hire an independent
auditor to further review the renovation costs, and Blanche said the Justice
Department could still open an investigation if that audit uncovers evidence of
criminal conduct.
