The Trump administration’s extraordinary criminal investigation of Federal Reserve Chair Jerome Powell is over, removing significant uncertainty that had been clouding the future of the world’s most important central bank.
Jeanine Pirro, the US Attorney for the District of Columbia, announced on X Friday that she is closing the probe. In the investigation’s place, the Fed’s inspector general has agreed to scrutinize the significant cost overruns at the central bank’s ongoing multibillion-dollar renovation project at its Washington, DC, headquarters. After the inspector general completes his report, Pirro said her office will review it and could restart its criminal probe if warranted. In the meantime, the end of the investigation clears the way for Kevin Warsh, President Donald Trump’s pick to succeed Powell, to get confirmed for the role. Powell’s term helming the central bank is set to expire on May 15, and Warsh appeared before the Senate Banking Committee for a confirmation hearing earlier this week.
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