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
TL;DR
- The US justice department is not reopening a criminal investigation into former Federal Reserve chair Jerome Powell.
- The investigation was related to cost overruns on the central bank's building renovation project.
- The Fed's inspector general found no grounds for a criminal referral or evidence of administrative misconduct.
- Lax oversight was noted by the inspector general.
- Donald Trump called for Powell's resignation following the inspector general's report.
- Jerome Powell remains a Fed governor.
- Kevin Warsh, Powell's successor as Fed chair, will hire an independent auditor.
- The justice department may investigate if the new review finds evidence of criminal wrongdoing.