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U.S. Attorney General Blanche says Powell criminal probe will not reopen
U.S. Attorney General Todd Blanche said the criminal investigation into former Federal Reserve Chair Jerome Powell will not be reopened. Blanche said a review of oversight of the renovation project could continue and that action could be taken if evidence of a new crime emerges.
U.S. Attorney General Todd Blanche said there would be no criminal investigation into former Federal Reserve Chair Jerome Powell over cost overruns that emerged in a renovation project at the central bank's buildings.
Blanche said the review of oversight of the project could continue. He also said action could be taken if evidence of any wrongdoing emerges.
Trump had called for Powell's resignation
U.S. President Donald Trump had called on Powell to resign from the Federal Reserve Board of Governors, citing cost overruns in the renovation project at the headquarters.
Trump had also said that if Powell did not resign, the government should sue him on grounds of corruption or incompetence.
Findings of the inspector's review
A review conducted by the Federal Reserve's inspector found no basis for initiating criminal proceedings against Powell. The review also found no administrative misconduct.
However, the report noted significant shortcomings in oversight of the renovation project.
Powell's term as chair of the Federal Reserve ended in May, but he remains a member of the Board of Governors.
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