The U.S. Department of Justice will not reopen its criminal investigation into former Federal Reserve Chair Jerome Powell over the central bank’s multibillion-dollar headquarters renovation. A federal judge quashed grand jury subpoenas in March, finding they were issued for an improper purpose and that the government had produced essentially no evidence that Powell committed a crime. The Fed’s inspector general also found no reasonable grounds to believe a federal crime had occurred. Jerome Powell remains on the Fed’s Board of Governors until January 31, 2028.
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