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No Criminal Evidence Found Against Fed Chair Powell in Renovation Inquiry

KVIA•Tuesday, March 24, 2026 at 10:02 PM•CNN Newsource

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AI Summary

A federal prosecutor recently informed a judge that there is no evidence to support criminal charges against Federal Reserve Chair Jerome Powell regarding the $2.5 billion renovation of the Fed's headquarters. During a court hearing, prosecutor George A. Massucco-LaTaif acknowledged the significant cost overruns but stated that the investigation had not uncovered any fraudulent activity. This inquiry follows months of criticism from former President Donald Trump, who has accused Powell of incompetence. The judge ultimately quashed the subpoenas issued in the case, citing a lack of substantial evidence. Powell's term as Fed chair is set to end in May, and the ongoing investigation may affect the nomination process for his successor.

Key Details: • Federal Reserve Chair Jerome Powell faces no criminal charges related to renovation costs. • The investigation was prompted by criticism from former President Trump. • Judge Boasberg quashed subpoenas due to insufficient evidence. • Powell's term expires in May; potential successor nomination may be impacted.

politics investigation federal-reserve jerome-powell cost-overruns

People & Organizations

Donald TrumpDepartment of JusticeFederal ReserveJerome PowellThom TillisKevin WarshGeorge A. Massucco-LaTaifBoasberg

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