The US Justice Department has announced it will not reopen a criminal investigation into former Federal Reserve chair Jerome Powell. The investigation concerned cost overruns related to the central bank's building renovation project, a department spokesperson confirmed on Friday.
Attorney General Todd Blanche, speaking to Bloomberg News, said he has not ruled out continuing to examine the project's oversight. He added that action could be taken if evidence of wrongdoing emerges.
The Fed's inspector general had previously stated on Wednesday that it found no grounds for a criminal referral or evidence of administrative misconduct linked to the project's cost overruns. However, its conclusion of lax oversight prompted a call for Powell's resignation from Donald Trump.
Powell has remained at the Fed as a governor since stepping down as chair in May. His successor, Kevin Warsh, stated on Thursday that he would appoint an independent auditor to verify the accuracy and compliance of all project costs.