Event
The United States Justice Department has closed its inquiry into Federal Reserve Chair Jerome Powell regarding cost overruns in renovations of the Fed's Washington headquarters. This decision removes a legal obstacle to the confirmation of Kevin Warsh, President Donald Trump's nominee for head of the central bank. US Attorney Jeanine Pirro transferred the matter to the Fed's Office of Inspector General. The probe had previously been blocked by a federal judge and opposed by Republican Senator Thom Tillis, who deemed it baseless.
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The decision removes a legal barrier previously cited by Senator Thom Tillis and follows a judicial ruling that found the original subpoenas lacked evidentiary basis.
Background
The United States Department of Justice has formally closed its criminal investigation into Federal Reserve Chair Jerome Powell, which focused on alleged cost overruns regarding renovations to the Fed's Washington headquarters. US Attorney Jeanine Pirro transferred the matter to the Federal Reserve's Office of the Inspector General (OIG) to ensure accountability. This decision removes a significant legal barrier to the Senate confirmation of Kevin Warsh, President Donald Trump's nominee to succeed Powell. The probe had previously been blocked by a federal judge and opposed by Republican Senator Thom Tillis, who described the inquiry as baseless.
The United States Department of Justice has formally closed its criminal investigation into Federal Reserve Chair Jerome Powell, which focused on alleged cost overruns regarding renovations to the Fed's Washington headquarters. US Attorney Jeanine Pirro transferred the matter to
Fact cards
Key entities: United States, Justice Department, Federal Reserve, Jerome Powell, Kevin Warsh, Donald Trump, Jeanine Pirro, Office of Inspector General.
What is the outcome of the investigation into Jerome Powell? The US Justice Department has closed its criminal probe regarding cost overruns on the Fed's Washington headquarters renovations. Who is taking over the investigation? The matter has been transferred to the Federal Rese
2025 (approximate): US Attorney Jeanine Pirro announces the closure of the DOJ investigation into Jerome Powell regarding Fed headquarters renovation costs. 2025 (approximate): The matter is transferred from the Justice Department to the Federal Reserve's Office of the Inspector
Timeline
US Attorney Jeanine Pirro announces the closure of the DOJ investigation into Jerome Powell regarding Fed headquarters renovation costs.
The matter is transferred from the Justice Department to the Federal Reserve's Office of the Inspector General.
The decision lifts the legal obstacle previously cited by Senator Thom Tillis, clearing the path for Kevin Warsh's Senate confirmation.
FAQ
The US Justice Department has closed its criminal probe regarding cost overruns on the Fed's Washington headquarters renovations.
The matter has been transferred to the Federal Reserve's Office of the Inspector General (OIG).
Closing the DOJ probe removes a legal obstacle that had stalled the Senate confirmation of President Trump's nominee, Kevin Warsh.
Republican Senator Thom Tillis characterised the probe as baseless, and a federal judge previously blocked subpoenas, ruling there was essentially zero evidence of a crime.
The US Department of Justice closed the probe due to a lack of evidence, following a court ruling that dismissed subpoenas against Powell.
Responsibility for the matter has been transferred to the Federal Reserve's Office of the Inspector General (OIG).
Dropping the probe removes a significant obstacle to the Senate confirmation of Kevin Warsh, President Trump's nominee for Fed Chair.
Yes, US Attorney Jeannine Pirro stated she expects a comprehensive report from the OIG "in short order".