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Federal Prosecutor Finds No Evidence Against Jerome Powell in Renovation Inquiry

KVIA•Wednesday, March 25, 2026 at 12:17 PM•CNN Newsource

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AI Summary

A federal prosecutor in Washington announced that there is currently no evidence to charge Jerome Powell, the President of the Federal Reserve, regarding the costly renovations of the Fed's headquarters, despite ongoing investigations. During a crucial court hearing on March 3, prosecutor George A. Massucco-LaTaif stated that while there are significant financial concerns—$1.2 billion in renovation costs—there is no clear indication of fraud or criminal conduct. This investigation follows months of criticism from former President Donald Trump, who has accused Powell of mismanagement. The court later dismissed subpoenas related to the case, citing a lack of substantial evidence. Powell's term ends in May, and his future may hinge on the resolution of this inquiry.

Key Details: • Court hearing held on March 3 revealed no evidence against Powell. • Renovation costs for the Federal Reserve headquarters are $2.5 billion. • Investigation initiated after Trump's public criticisms of Powell. • Powell's term as Fed President expires in May 2026.

politics trump investigation federal-reserve jerome-powell

People & Organizations

Donald TrumpDepartment of JusticeFederal ReserveJerome PowellWashington D.C.Thom TillisGeorge A. Massucco-LaTaif

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