Washington, April 24, 2026 (New York Time) — The Department of Justice under the Donald Trump administration has officially closed the criminal investigation into Federal Reserve Chairman Jerome Powell regarding the multi-billion dollar renovation costs of the Fed’s headquarters.
Federal prosecutor in Washington, Jeanine Pirro, announced a shift in focus to a review by the Inspector General, the agency tasked with a comprehensive audit of the project’s cost overruns.
Ms. Pirro emphasized that the Inspector General has the authority to hold the Federal Reserve accountable to taxpayers, similar to oversight of other public budget spending, while expecting the report to soon clarify the suspicions that led to the issuance of previous subpoenas.
The decision to close the criminal investigation file was made after a federal judge blocked related subpoenas last month.
The initial investigation began in January 2026, revolving around Mr. Powell’s testimony before the Senate regarding the Fed headquarters renovation project worth approximately $2.5 billion. At the time, Mr. Powell denied the existence of luxury items such as VIP dining rooms, private elevators, or rooftop gardens.
Ms. Pirro warned of the possibility of reopening the criminal investigation if the review results uncover misconduct.
In a previous response, Mr. Powell suggested that the legal pressure stemmed from the Fed maintaining its independence in interest rate decisions, rather than following the political direction of any faction.
USA
DOJ Drops Criminal Investigation Into Fed Chair Jerome Powell
The U.S. DOJ has dropped its criminal probe into Fed Chair Jerome Powell regarding HQ renovation costs. The review shifts to the Inspector General and may reopen if misconduct is found.
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