DOJ Closes Case: No Criminal Investigation Reopening Against Former Fed Chair Powell Over Renovation Project

DOJ Declines to Reopen Investigation into Former Fed Chair

The U.S. Department of Justice has decided against reopening a criminal investigation into former Federal Reserve Chair Jay Powell, according to a Financial Times report on October 3. The probe had centered on the Fed's $2.5 billion headquarters renovation project.

Oversight Findings Paved the Way

Prior to the DOJ's decision, an independent internal watchdog within the Federal Reserve system conducted its own review. That investigation found no evidence of criminal misconduct by the former chair in matters related to the renovation. This conclusion from within the central bank's oversight apparatus significantly informed the Justice Department's subsequent stance.

Closure on a High-Profile Issue

The costly renovation plan had drawn scrutiny from lawmakers and the public over its price tag and governance. While debates about the project's scale and transparency may continue, the threat of a criminal probe targeting Powell personally has now been definitively removed. The DOJ's move brings legal uncertainty for the former chair to a close and marks an endpoint to this chapter of scrutiny.