Justice Department Declines to Reopen Probe into Former Fed Chair Powell

The U.S. Justice Department has announced it will not reopen a criminal investigation into former Federal Reserve Chair Jerome Powell concerning cost overruns related to the central bank's building renovation project. This decision follows an earlier inquiry into the matter.

While the department has closed the door on a criminal probe, a spokesperson indicated that oversight of the project will continue to be examined. Potential actions may still be considered if new evidence of wrongdoing emerges. The initial investigation had focused on alleged cost overruns during Powell's tenure.