Prosecutor Says No Criminal Evidence in Federal Reserve Renovation Probe

In Brief

The Justice Department's investigation into the Federal Reserve's $2.5 billion renovation ended after prosecutors admitted lacking evidence of crim...

Key Facts

• Newly released court records show the Justice Department investigated a $2.5 billion renovation project at the Federal Reserve.
• A prosecutor told a judge there was no evidence to criminally pursue Fed Chair Jerome Powell over the renovations.
• A judge quashed government subpoenas after the prosecutor's admission, impacting the investigation.
• The investigation centered on allegations of misconduct related to costly renovations at the Federal Reserve.
• The lack of evidence was acknowledged before the subpoenas were quashed, according to court transcripts.

What Happened

Court records and multiple news outlets report that a Justice Department prosecutor told a judge there was no evidence of criminal misconduct by Federal Reserve Chair Jerome Powell or others in connection with a $2.5 billion renovation project. The judge subsequently quashed government subpoenas, halting the investigation.

Why It Matters

The outcome addresses public and political scrutiny of the Federal Reserve's renovation spending and undercuts claims of criminality. It also highlights the role of judicial oversight in high-profile federal investigations.

What's Next

With the subpoenas quashed and no criminal evidence found, further federal investigation into the renovation project appears unlikely. Public and political reactions to the probe's closure may continue.