DOJ found no evidence of a crime in Fed renovation project, prosecutor admits
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The Bottom Line
A federal prosecutor admitted the DOJ found no criminal evidence in its investigation of the Federal Reserve's $2.5 billion renovation project.
AI Summary
A federal prosecutor acknowledged in court that the Justice Department's investigation into the Federal Reserve's $2.5 billion renovation project found no evidence of criminal conduct. The admission came during questioning by a judge, suggesting the DOJ probe had reached its conclusions without identifying illegal activity despite scrutiny of the massive construction undertaking. The concession carries significant implications for the Fed, as it clears the agency of criminal wrongdoing tied to the controversial modernization project. The disclosure raises questions about what prompted the investigation and whether any civil or administrative review of the project remains ongoing. It also suggests potential resolution of a matter that had drawn attention to government spending and oversight practices at one of the nation's most consequential financial institutions.
What's Being Done
The DOJ investigation concluded without identifying illegal activity; unclear whether civil or administrative review continues.
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Government TransparencyProsecutor conceded lack of criminal evidence in Federal Reserve investigation, transcript shows - AP News
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Government TransparencyPirro deputy admits feds couldn’t find criminal evidence against Powell
An assistant U.S. Attorney acknowledged to a federal judge earlier this month that the Justice Department had no criminal evidence against Federal Reserve Chair Jerome Powell. Andrew Massucco, a deputy to U.S. Attorney for the District of Columbia Jeanine Pirro, made the admission to Judge James Boasberg on March 3, according to a sealed transcript…
Government TransparencyFed, DOJ clash over Powell probe — as government says it has no evidence of misconduct - Politico
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