The Attorney General of the United States, Todd Blanche, has ruled out reopening the criminal investigation against former Federal Reserve Chairman Jerome Powell over the cost overruns of the central bank's headquarters renovation. The Inspector General's report found no crime, although it noted planning errors.
The Attorney General of the United States, Todd Blanche, has ruled out reopening the criminal investigation against former Federal Reserve Chairman Jerome Powell over the cost overruns of the central bank's headquarters renovation in Washington D.C., according to lideractual.es. The decision puts an end to months of speculation about a possible criminal case against the person who led US monetary policy until May.
The origin of the conflict dates back to 2020, when the Fed approved the renovation of its main headquarters, the Marriner S. Eccles and Rayburn buildings, with an initial budget of $1.3 billion. Supply chain issues following the pandemic, accumulated inflation, and various modifications along the way raised the bill to $2.4 billion, an increase of 84.6%.
This deviation of over $1.1 billion led to a supervisory file by the Fed's Office of the Inspector General. Its conclusions, according to the Department of Justice, found no evidence of fraud or criminal conduct by Powell.
"We are not going to reopen a criminal investigation against him"
Blanche confirmed this decision in an interview with Bloomberg, where he expressed satisfaction with the thoroughness of the ruling. The report does identify a chain of planning errors and deficiencies in project management, and the Attorney General reproached Powell for
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