Prosecutor concedes no crime in Fed renovation after sealed hearing

The Justice Department’s probe into the Federal Reserve’s $2.5 billion renovation found no evidence of criminal conduct, with a sealed March hearing transcript showing Assistant U.S. Attorney Andrew Massucco acknowledging uncertainty about fraud while noting cost overruns; Judge Boasberg later quashed the government’s subpoenas, saying there was essentially no evidence against Fed Chair Jerome Powell, and the investigation’s momentum stalled the Senate’s consideration of a Powell replacement.