DOJ Ends Probe Into Fed Chair Powell

The U.S. Department of Justice has ended its criminal investigation into Federal Reserve Chair Jerome Powell, removing a potential obstacle to the confirmation of a successor, reported Associated Press (AP).

During a closed-door court hearing in March, a prosecutor acknowledged that investigators had not found evidence of Powell comitting any crime. (Photo: Daniel Torok, The White House Flickr)

According to the report, U.S. Attorney for the District of Columbia Jeannine Pirro said in a post on X that her office was closing its probe into the Federal Reserve’s building renovation project. She noted that the Fed’s inspector general would instead continue oversight.

The investigation had examined the central bank’s extensive renovation efforts but struggled to establish evidence of criminal wrongdoing.

During a closed-door court hearing in March, a prosecutor acknowledged that investigators had not found evidence of a crime.

A federal judge later quashed subpoenas issued to the Federal Reserve.

Judge James Boasberg said prosecutors had presented “essentially zero evidence” to justify suspicion against Powell and described the basis for the subpoenas as “thin and unsubstantiated.”

The decision brings an end to one of several Justice Department inquiries that critics said targeted perceived political adversaries, though officials did not publicly characterize the investigation in those terms.