DOJ says it will not reopen criminal probe into former Fed Chair Powell

The Department of Justice will not reopen its criminal investigation into former Federal Reserve Chair Jerome Powell over the central bank's over budget multibillion-dollar headquarters renovation a department spokesperson told CNBC.

"We're not reopening a criminal investigation into him," Blanche told Bloomberg in an interview Friday.

Blanche did not rule out future Justice Department action in his interview. He told the outlet an independent audit of the renovation could prompt an investigation if it uncovers evidence of criminal wrongdoing.

His comments come days after the Federal Reserve's inspector general found no reasonable grounds to believe that a federal crime had occurred requiring a referral to the attorney general, even as the watchdog faulted the central bank for major management and oversight failures that contributed to the project's soaring costs.

President Donald Trump slammed the decision, said in a Truth Social post Wednesday after the news, saying that Powell should be "forced to resign" from the central bank's Board of Governors "at a minimum." 

"He can't manage a Building, and he certainly shouldn't be allowed to manage his High Interest Rate Policy (only on 'TRUMP!')," Trump said. 

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