Justice Department drops inquiry into Fed Chair Jerome Powell : NPR

The U.S. Justice Department has decided to cease its investigation into Federal Reserve Chair Jerome Powell. This decision opens the door for the Senate to proceed with confirming Kevin Warsh, who has been nominated by the president to lead the central bank.

“This morning, the Inspector General for the Federal Reserve has been tasked with examining the cost overruns of the building project, which amount to billions of dollars and have been covered by taxpayers,” stated U.S. Attorney for D.C. Jeanine Pirro in a post on X. “As a result, I have instructed my office to conclude our investigation while the IG conducts this review.”

The focus of the investigation was a renovation project at the Federal Reserve’s Washington headquarters. The project’s construction has been reviewed twice by the Fed’s inspector general, who found no evidence of any wrongdoing.

The decision to end the investigation facilitates the Senate’s ability to confirm Warsh as the leader of the Fed. Sen. Thom Tillis, R-N.C., had previously threatened to obstruct the nomination unless the Justice Department ended its inquiry into Powell.

This is a developing story and will be updated