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Page F3From§Eachthe wee small hours edition — 3 October 2026

THE CLEARANCE

Trump orders restudy of report that cleared Powell, is told Powell is cleared, demands resignation anyway

“Trump renews calls for former Federal Reserve chief Jerome Powell's resignation”, 30 September 2026 (Photo via France 24 — the original report)

As it ran on the front

On Wednesday, the Federal Reserve's own inspector general closed the book on the $2.4 billion renovation that ran roughly $1 billion over plan: no criminal violations, the report said, though the project's oversight was sloppy. That should have ended it. It didn't end it, because the President posted that same Wednesday that he had personally asked Attorney General Todd Blanche to "study" the report clearing Jerome Powell, and to make his own determination. The report already said what it said. The file went to the Attorney General anyway, at the President's request, the same day the President also renewed his call for Powell to resign.

Give it two days. By Friday, Blanche had his determination: the Justice Department will not reopen a criminal investigation into Jerome Powell. "We're not reopening a criminal investigation into him," he told Bloomberg — a strange thing to announce about a matter the Fed's own watchdog had already closed before the Attorney General ever opened his copy of the file. He didn't discover that Powell was clear. He confirmed it. On the President's instruction, after the President had already told the country the opposite verdict he wanted.…

…(cont) That's the system working as intended, is what I'd be saying, if intended meant what I think it means, which — hold on. The Attorney General studied a federal watchdog's report because the President asked him to, by name, in public, two days before his own department announced there was nothing left in that report to act on. The President ordered a second look at the one document that had already cleared the man he wanted fired, and when the second look agreed with the first, somebody called that closure.

It isn't fully closed, either. The department says it won't reopen the criminal matter, but according to the Guardian, Blanche hasn't ruled out continuing to look at the renovation project's oversight himself, and taking further action if new evidence surfaces. The criminal file shuts. The oversight file — the one the President asked him to study — stays open, at the discretion of the man asked to study it. Nothing in any of this says Powell broke the law. Nothing in any of this says the President is finished with him, either: the same Wednesday the watchdog cleared him, the President renewed the call for his resignation anyway, report or no report.

I was going to tell you this was the Justice Department following the facts where they led. I'm telling you the facts led to a press release that took two days to write, from a President who'd already told Blanche what to look for and told the country, before the ink dried, that he still wanted Powell gone.

“The President tells his Attorney General which report to restudy, the Attorney General restudies it, and comes back with the same answer the watchdog already gave for free. If your boss made you redo a finished audit hoping for a different number, you'd call it pressure; here they call it due diligence, and the guy they're pressuring still runs the interest rate on your mortgage.”
Sal
“The Attorney General reviewed the matter independently and thoroughly, as any careful prosecutor would, at the request of — well, the President asked him to personally, but that's just diligence. Diligence that happened to land two days before the headline everybody already expected. I don't see what the follow-up question is here.”
Chip

The receipts

Trump renews calls for former Federal Reserve chief Jerome Powell's resignation Trump wants Powell fired over a $1 billion overrun. His own ballroom just hit $400 million.
France 24mainstream§

The Federal Reserve's watchdog on Wednesday found no grounds for a criminal referral over a roughly $1 billion cost overrun on renovations to the central bank's Washington buildings, while faulting project oversight. The findings prompted President Donald Trump to renew his call for former Fed chief Jerome Powell to resign.

The White House ballroom was announced at $200 million and now costs $400 million; the East Wing was demolished for it Fortune, 6 April 2026

DoJ declines to reopen investigation into former Fed chair Jay Powell
The Guardianmainstream§

Kevin Warsh’s predecessor had been investigated over cost overruns related to central bank renovation project The US ⁠justice department is not reopening a criminal investigation into former Federal Reserve chair Jerome Powell ⁠for cost overruns ⁠related ​to the central bank’s building renovation project, a department spokesperson said…

Federal Reserve watchdog finds no criminal violations for building renovation cost overruns Watchdog finds no crime in the Fed renovation Trump used to pressure Powell
The Guardianmainstream§

Trump criticized $2.4bn rehab amid attempts to pressure then Fed chair Jerome Powell into lowering interest rates An internal watchdog said the Federal Reserve mismanaged costs associated with a $2.4bn renovation of its Washington DC headquarters, but noted that no criminal violations occurred, according to a report released on…

The DOJ disbanded its crypto enforcement team in April 2025 and ordered inconsistent investigations closed - while the president's family runs a crypto business CNBC, 8 April 2025 (Blanche memo)

Blanche: DOJ won’t reopen investigation into Jerome Powell
Washington Examinerright§

Attorney General Todd Blanche said Friday that the Justice Department will not open its criminal investigation into former Federal Reserve Chairman Jerome Powell following the release of an internal watchdog report that found no evidence of criminal wrongdoing. “We’re not reopening a criminal investigation into him,” Blanche told…

· Trump says he asked Blanche to 'study' Fed watchdog report that cleared Powell from the morgue, 30 Sep 2026

· Powell cleared in handling of Fed renovations from the morgue, 30 Sep 2026

This page is a back-issue: the story as it ran, receipts as they were. The current edition is at the front. The byline is a pen name for a column drafted by a machine and checked by the editor: how this is made.