"U.S. Attorney Jeanine Pirro announced the closure of the investigation into Fed Chair Jerome Powell, transferring the matter to the Federal Reserve's inspector general for further scrutiny of building cost overruns."
"The renovation costs for two historic Fed buildings surged from $1.9 billion in 2023 to $2.5 billion in 2025, raising concerns about taxpayer accountability."
"Senator Thom Tillis has vowed to block Kevin Warsh's confirmation as long as the DOJ probe remained open, framing it as an attack on Fed independence."
The U.S. Attorney for the District of Columbia has closed the investigation into Jerome Powell and the Federal Reserve's renovation costs, transferring oversight to the inspector general. This decision may facilitate Kevin Warsh's nomination to replace Powell. Senator Thom Tillis has previously threatened to block Warsh's confirmation due to the ongoing probe. The investigation focused on significant cost overruns for the renovation of Fed buildings, which increased from $1.9 billion to $2.5 billion. Powell views the investigation as a tactic to pressure the Fed on interest rates.
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