The Department of Justice is expected to drop its criminal investigation into Federal Reserve Chair Jerome Powell and refer the matter to the Fed’s inspector general, potentially clearing the way for Senate consideration of President Donald Trump’s nominee to lead the central bank.
- DOJ officials have informed lawmakers they plan to end the probe into alleged cost overruns at the Fed’s headquarters project.
- The matter will be referred to the Federal Reserve’s internal inspector general for review.
- The investigation had been led by U.S. Attorney Jeanine Pirro, who said on X that her office would defer to the inspector general’s inquiry.
- A federal judge previously blocked subpoenas issued in the case, prompting an appeal by prosecutors.
- Senator Thom Tillis had opposed advancing Fed Chair nominee Kevin Warsh until the investigation was resolved.
- Powell’s term is set to end next month, and he has said he will remain until a successor is confirmed.
- The inspector general previously reviewed the project and is expected to conduct a new assessment of the costs.
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Editor’s Note: This is a developing story. This article may be updated as more details become available.
