The Department of Justice (DOJ) is dropping its efforts to investigate the Federal Reserve and its chairman, Jerome Powell, over cost overruns on the central bank’s headquarters.
Sen. Thom Tillis (R-NC), a member of the Senate Banking Committee, vowed to block President Trump’s nomination of Kevin Warsh to succeed Powell unless the DOJ’s investigation was dropped. US Attorney for the District of Columbia Jeanine Pirro had repeatedly declared her office would pursue the probe despite Tillis’ threat and after a federal judge blocked her attempts to issue subpoenas to the Fed and Powell.
Pirro announced on X, “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 expect a comprehensive report in short order and am confident the outcome will assist in resolving, once and for all, the questions that led this office to issue subpoenas. Accordingly, I have directed my office to close our investigation as the IG undertakes this inquiry.”
Pirro’s claims that the Fed was wasting taxpayer money was disputed by multiple X users who noted the Fed is self-financed and does not receive taxpayer money. She also threatened to resume the investigation at a later date.
“Note well, however, that I will not hesitate to restart a criminal investigation should the facts warrant doing so,” she declared.
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