US justice department will not reopen criminal probe of Fed’s Jay Powell

The US Justice Department has decided not to reopen a criminal probe into Federal Reserve Chairman Jay Powell concerning the central bank's $2.5 billion renovation project. Attorney-General Todd Blanche emphasized that the lack of oversight doesn't necessarily equate to criminal activity. This decision is significant as it maintains confidence in Powell’s leadership and avoids potential disruptions in the financial sector. The ruling underscores the complexities and legalities surrounding federal oversight and accountability in major financial institutions.