Justice Department Concludes Investigation Into Jerome Powell, Paving Way for Kevin Warsh Confirmation
- The Justice Department has ended its investigation into Federal Reserve chair Jerome Powell, clearing a major roadblock to the confirmation of his likely successor, Kevin Warsh.
- Attorney for the District of Columbia, who had vowed to continue the probe into cost overruns during the renovation of two Fed buildings, even after a judge had...
- Pirro said she would instead ask the Fed's inspector general to look into the cost overruns, which have risen from $1.9 billion to $2.5 billion in recent years.
The Justice Department has ended its investigation into Federal Reserve chair Jerome Powell, clearing a major roadblock to the confirmation of his likely successor, Kevin Warsh.
The decision marks a reversal for Jeanine Pirro, the U.S. Attorney for the District of Columbia, who had vowed to continue the probe into cost overruns during the renovation of two Fed buildings, even after a judge had blocked the investigation.
Pirro said she would instead ask the Fed’s inspector general to look into the cost overruns, which have risen from $1.9 billion to $2.5 billion in recent years.
The central bank has attributed the higher costs to unexpected developments like excess lead, asbestos and inflation, which has raised the cost of building projects nationwide.
“This morning the Inspector General for the Federal Reserve has been asked to scrutinize the building costs overruns,” Pirro said in a post on X. “Accordingly, I have directed my office to close our investigation as the IG undertakes this inquiry.”
The Fed’s inspector general has reviewed the construction project twice. It found no wrongdoing.
Pirro’s probe came after President Trump had repeatedly attacked the Fed and Powell for not lowering interest rates more aggressively.
The move paves the way for the Senate to confirm Kevin Warsh, the president’s nominee to head the central bank.