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Attorney General Todd Blanche said on October 2, 2026, that the Justice Department would not reopen its criminal investigation into former Federal Reserve Chair Jerome Powell over the Federal Reserve renovation project. That does not rule out continued scrutiny of project oversight or action if new evidence of criminal wrongdoing emerges.
What Blanche’s announcement means
Blanche’s statement was about reopening the criminal investigation into Powell—not a declaration that every review of the renovation is over. Axios and Bloomberg reported that scrutiny of project oversight could continue and that new evidence could prompt further action. Bloomberg reported Blanche’s words: We’re not reopening a criminal investigation into him
, referring to Powell. Axios and Bloomberg reported the announcement on October 2.
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What the inspector general found about the renovation
The Federal Reserve Office of Inspector General’s September 29, 2026, evaluation identified substantial weaknesses in project management and cost control. It said the Board repeatedly deviated from cost-management provisions in its construction-manager-at-risk contract, did not use available measures that could have better controlled costs, and had insufficient governance for a project of this scale and complexity. The Board accepted the report’s seven recommendations.
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Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minuteThe OIG compared the Board’s February 2020 budget of $921 million with its 2024 budget of $2.018 billion, the most recently revised budget identified in the report. Those are the report’s budget figures; they should not be treated as a single, fully reconciled final project-cost total, since other published totals may use different scopes or accounting bases. The OIG’s evaluation of the Eccles-1951 renovation is the primary source for these findings and figures.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why the criminal and management findings are different
The OIG found serious management and oversight failures, but said it found no reasonable grounds to believe a federal criminal-law violation had occurred that required referral to the U.S. Attorney General. The report states: At no point during our evaluation did we find reasonable grounds to believe that a violation of federal criminal law had occurred requiring a referral to the U.S. Attorney General.
That conclusion is not a finding that the project was competently managed; the same evaluation documents shortcomings in governance, contract compliance, and cost controls.
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How the case reached this point
- January 11, 2026: Powell said the Federal Reserve had received grand jury subpoenas tied to his Senate testimony, which had addressed the renovation in part. He characterized the threat of criminal charges as political pressure over monetary policy. That was Powell’s view, not an adjudicated finding. In his official statement, he also said,
No one—certainly not the chair of the Federal Reserve—is above the law.
- September 29, 2026: The Federal Reserve OIG published its evaluation of the Eccles-1951 renovation, including its management findings and budget comparison.
- October 2, 2026: Blanche said DOJ would not reopen its criminal investigation into Powell, while reported coverage left open continued examination of oversight and possible action if new evidence emerges.
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