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The U.S. Department of Justice has ended a criminal investigation into Federal Reserve Chair Jerome Powell, a decision announced by the U.S. Attorney General in Washington, D.C., on X three days after Kevin Warsh testified before the Senate Banking Committee. The move removes a major obstacle to the Senate’s consideration of Warsh’s nomination to lead the Fed.
The decision was disclosed by Inspector General Jeanine Pirro. She said the investigation stemmed from questions about budget overruns tied to the Fed’s multi-billion-dollar renovation of its headquarters. Powell and others had argued that the probe was being used to pressure the Federal Reserve to cut interest rates in line with President Trump’s wishes.
Earlier, a federal judge rejected subpoenas issued by Pirro’s office to the Federal Reserve, weakening the probe. Pirro said she would continue pursuing the matter despite that setback, and she indicated that the Inspector General has authority to hold the Fed accountable to taxpayers.
Senator Thom Tillis paused Warsh’s confirmation vote in the Senate until the Powell investigation ends. Pirro said a comprehensive report will be released soon.
White House spokesperson Kush Desai said taxpayers deserve answers about Fed finances and that the White House expects the Senate to promptly confirm Warsh to restore credibility in Fed decision-making. Senate Banking Committee Chair Tim Scott had urged ending the criminal probe and moving the issue to Congress.
In an interview with CNBC, Warsh argued that a change in how inflation is measured might be necessary to advance his nomination.
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