The Justice Department has closed its criminal investigation into Federal Reserve Chair Jerome Powell over the renovation of the central bank’s headquarters, removing an obstacle for Kevin Warsh, President Donald Trump’s pick to replace Powell, to be confirmed to the role.
U.S. Attorney for the District of Columbia Jeanine Pirro, a close Trump ally, said in a statement on social media Friday that the inspector general for the Fed is instead conducting an inquiry into the building’s renovation costs.
“The IG has the authority to hold the Federal Reserve accountable to American taxpayers,” Pirro said, adding that she expects a report on the inquiry soon.
“Accordingly, I have directed my office to close our investigation as the IG undertakes this inquiry,” Pirro added. “Note well, however, that I will not hesitate to restart a criminal investigation should the facts warrant doing so.”
Pirro said the inspector general had been asked “this morning” to investigate the renovation costs. However, the inspector general had already been tasked with evaluating the project.
The DOJ’s announcement could help clear the way for Warsh’s confirmation. Sen. Thom Tillis, R-N.C., had vowed to block his confirmation so long as the “weak and frivolous” Powell probe continued.
This is a developing story. Please check back for updates.
Ken Dilianian contributed reporting.
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