DoJ declines to reopen investigation into former Fed chair Jay Powell
The US Department of Justice has declined to reopen a criminal investigation into former Federal Reserve chair Jerome Powell regarding cost overruns on the central bank's renovation project. Attorney General Todd Blanche stated that while no immediate action is being taken, the department will monitor the situation and could investigate if new evidence of wrongdoing emerges. This decision follows a report by the Fed's inspector general that found no grounds for criminal referral but noted issues with project oversight.
- ▪The Department of Justice will not reopen the criminal investigation into Jerome Powell over the Federal Reserve building renovation cost overruns.
- ▪Attorney General Todd Blanche indicated that the DOJ could take action if an independent audit reveals evidence of criminal wrongdoing.
- ▪The Fed's inspector general concluded there was no evidence of administrative misconduct or grounds for a criminal referral, though it cited lax oversight.
- ▪Kevin Warsh, the current Fed chair, announced plans to hire an independent auditor to verify the accuracy and compliance of the project's costs.
- ▪Donald Trump renewed his calls for Powell's resignation following the inspector general's report on the project's oversight issues.
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| Original publisher | The Guardian — World |
| Canonical URL | https://www.theguardian.com/business/2026/oct/02/doj-fed-chair-jerome-powell-investigation |
| Publication time | Fri, 02 Oct 2026 22:32:21 GMT |
| Retrieval time | 2026-10-02T22:46:17.532Z |
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Jay Powell, the Fed chair, at a bank meeting in January. Photograph: Jonathan Ernst/ReutersView image in fullscreenJay Powell, the Fed chair, at a bank meeting in January. Photograph: Jonathan Ernst/ReutersFederal ReserveDoJ declines to reopen investigation into former Fed chair Jay PowellKevin Warsh’s predecessor had been investigated over cost overruns related to central bank renovation projectReutersFri 2 Oct 2026 18.32 EDTSharePrefer the Guardian on GoogleThe 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…
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