The US Department of Justice will not restart a criminal investigation against former Federal Reserve Chairman Jerome Powell over the cost overrun of the Federal Reserve building renovation project. US Attorney General Todd Blanche did not rule out continuing to review the program's regulatory status and the possibility of acting if evidence of a violation arises. “We are not reopening the criminal investigation against him,” Blanche said in an interview on Friday. Blanche made this statement while commenting on a report released by the Federal Reserve Inspector General this week. The report found no evidence of Powell's criminal offense in this $2.4 billion project. Blanche said he was satisfied with the report, but felt that Powell had not properly supervised the project. The Federal Reserve said it will hire an independent auditor to review the costs associated with the building. Blanche added that if this review uncovers any evidence of criminal offenses, the Department of Justice may launch an investigation.

The US Department of Justice will not restart a criminal investigation against former Federal Reserve Chairman Jerome Powell over the cost overrun of the Federal Reserve building renovation project. US Attorney General Todd Blanche did not rule out continuing to review the program's regulatory status and the possibility of acting if evidence of a violation arises. “We are not reopening the criminal investigation against him,” Blanche said in an interview on Friday. Blanche made this statement while commenting on a report released by the Federal Reserve Inspector General this week. The report found no evidence of Powell's criminal offense in this $2.4 billion project. Blanche said he was satisfied with the report, but felt that Powell had not properly supervised the project. The Federal Reserve said it will hire an independent auditor to review the costs associated with the building. Blanche added that if this review uncovers any evidence of criminal offenses, the Department of Justice may launch an investigation.