DOJ says it will not reopen criminal probe into former Fed Chair Powell
The Fed inspector general found no criminal referral grounds, while Attorney General Todd Blanche left open further review if new evidence emerges.
- On Friday, Attorney General Todd Blanche told Bloomberg News the Justice Department will not reopen a criminal probe into former Federal Reserve Chair Jerome Powell regarding building renovation cost overruns.
- The Fed's inspector general found no grounds for a criminal referral or evidence of administrative misconduct on Wednesday, though its conclusion of lax oversight prompted President Donald Trump to call for Powell's resignation.
- Powell has remained on the Board as a governor since stepping down as chair in May, having previously stated he would not leave until the investigation concluded with transparency and finality.
- Fed Chairman Kevin Warsh said on Thursday he would hire an independent auditor to "verify accuracy and compliance" for all of the project's costs.
- Attorney General Blanche did not rule out further scrutiny of the project's oversight, noting the Justice Department could take action if evidence of wrongdoing comes to light.
64 Articles
64 Articles
DOJ won’t reopen Powell probe
There’s “more work to do to understand” how the Federal Reserve’s renovation project became so expensive, Attorney General Todd Blanche told Bloomberg TV, but the Justice Department won’t reopen its related investigation into Jerome Powell.
Earlier this week, President Donald Trump demanded Powell’s resignation from the central bank’s board of directors following the control agency’s report, which concluded that there was mismanagement but not criminal offences in the costly project. On Wednesday, Trump ordered Blanche to examine the Inspector General’s Office (OIG) report to determine the steps to be taken. “We will not reopen a criminal investigation against him,” Blanche told Bl…
The U.S. Department of Justice will not reopen the criminal investigation against the former Federal Reserve Chairman, Jerome Powell, in connection with the cost overrun on the Fed headquarters renovation project, said the U.S. Attorney General, Todd Blanche.
POLITICS: Jerome Powell got off the hook for the ‘Palace of Versailles’ renovation — but he’s guilty of being a lousy Fed Chair
Jerome Powell was cleared of criminal wrongdoing in the Fed’s $2.5 billion “Palace of Versailles” headquarters fiasco — but what about the rest of his screwups as head of the nation’s central bank? I’m not saying that Powell’s dismal, eight-plus year tenure as Fed chair was criminal in a legal sense, but it was hardly one of success. In fact, it has cost the American people dearly and still does. It’s a shame all of that was overshadowed by the…
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