Federal prosecutors have closed their investigation into Federal Reserve Chairman Jerome Powell, shifting focus to an Inspector General for the Federal Reserve review of the renovation of the central bank’s D.C. headquarters.
| PULSE POINTS |
❓ WHAT HAPPENED: Federal prosecutors have officially ended their investigation into Jerome Powell, Chairman of the Federal Reserve. The announcement came from Jeanine Pirro, U.S. Attorney for the District of Columbia, on Friday. She also announced that the case will shift to the Federal Reserve’s Inspector General and examine the cost of renovating the central bank’s headquarters. 📺 DETAIL: Jeanine Pirro announced on X (formerly Twitter) that the Department of Justice (DOJ) is closing the federal investigation into Powell, noting that while the investigation is now closed, her office is prepared to reopen the case if new evidence emerges. She emphasized that the Inspector General’s report is intended to resolve lingering questions about cost overruns in the renovation of the Federal Reserve’s D.C. headquarters. The investigation into Powell began in January, when the DOJ served subpoenas related to Powell’s testimony about renovations to Federal Reserve buildings. 💬 KEY QUOTE: “I have directed my office to close our investigation as the IG undertakes this inquiry. Note well, however, that I will not hesitate to restart a criminal investigation should the facts warrant doing so.” – Jeanine Pirro 🎯 IMPACT: The end of the federal investigation into Powell removes a key hurdle for the confirmation of Kevin Warsh, President Donald J. Trump’s nomination to chair the Federal Reserve’s Board of Governors. Warsh is on track to take over from Powell when the latter’s tenure ends in May, but the takeover has been obstructed by Senator Thom Tillis (R-NC), who objected to the investigation into Powell. 📺 FLASHBACK: President Trump has voiced considerable criticism of Powell, saying in November: “I’ll be honest, I’d love to fire his ass.” In particular, the President is critical of Powell’s reluctance to lower interest rates. When the investigation into Powell was first announced, Trump said: “I don’t know anything about it, but he’s certainly not very good at the Fed, and he’s not very good at building buildings.” |
This morning the Inspector General for the Federal Reserve has been asked to scrutinize the building costs overruns – in the billions of dollars – that have been borne by taxpayers.
The IG has the authority to hold the Federal Reserve accountable to American taxpayers. I…
— US Attorney Pirro (@USAttyPirro) April 24, 2026
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