Prosecutor Admits No Evidence In Case Against Fed Chair Powell: Report

A federal prosecutor told a judge there was no evidence of criminal wrongdoing by Jerome Powell in the costly renovation of the Federal Reserve’s headquarters, according to a court transcript reported by CNN.

The Justice Department had launched a probe earlier this year following criticism from President Donald Trump over a $2.5 billion renovation project that ran significantly over budget.

Prosecutors acknowledged they lacked evidence of fraud but argued the scale of cost overruns justified further review.

Prosecutor told judge no evidence existed to criminally pursue Powell over costly Fed renovations https://t.co/SjvM4NK2Gt

— David Sydow (@DavidSydow12) March 25, 2026

U.S. District Judge James Boasberg later dismissed subpoenas tied to the investigation, stating the government had presented “essentially zero evidence” of a crime. He criticized the case as unsubstantiated.

The probe raised concerns about political pressure on the Federal Reserve’s independence. Powell has denied wrongdoing and suggested the investigation was politically motivated. His term is set to expire in May, with a potential leadership transition under consideration.

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tippinsightsTIPP Staff