Justice Department Closes Criminal Probe Into Fed Chair Jerome Powell Over Renovation Project, U.S. Attorney Jeanine Pirro Announces

The Justice Department has ended its criminal investigation into Federal Reserve Chair Jerome Powell over a renovation project at the central bank’s Washington headquarters, U.S. Attorney Jeanine Pirro announced on Friday.

The investigation, which focused on cost overruns in the renovation of two historic buildings owned by the Federal Reserve, has been closed as the matter is now being referred to the Federal Reserve’s Office of Inspector General for further review.

Pirro stated that she directed her office to close the investigation so that the Inspector General could scrutinize the building costs, which have amounted to billions of dollars borne by taxpayers. She added that she would not hesitate to restart the investigation if the facts warranted doing so.

The Federal Reserve’s Inspector General had already reviewed the renovation project and found no wrongdoing. The office was asked again to review the project in 2025 by Powell amid pressure from President Donald Trump and his top allies. A spokesperson for the Inspector General’s office confirmed that the review referenced by Pirro was not new and that the agency continues to compile the assessment requested by Powell last year.

The Inspector General’s evaluation includes an independent analysis of the project’s substantial cost increases and overruns. The office stated that it is actively working to complete the review and plans to make the results available to the public and Congress upon completion.

Hours after the announcement, White House Press Secretary Karoline Leavitt cast doubt on the status of the investigation, though no further details were provided.