WASHINGTON, DC — The U.S. Department of Justice has ended its investigation into Jerome Powell, removing a key obstacle for Senate consideration of Kevin Warsh to lead the Federal Reserve.
Officials said the decision followed a referral to the Federal Reserve’s inspector general, who will review concerns tied to cost overruns on a multibillion-dollar renovation project at the central bank’s Washington headquarters. The inspector general has previously reviewed the project twice and found no wrongdoing.
U.S. Attorney Jeanine Pirro stated the inquiry would be closed as the internal review proceeds, shifting oversight away from federal prosecutors. The investigation had focused on construction expenses that reportedly reached into the billions, though no violations were identified in earlier audits.
The move also addresses concerns raised by Sen. Thom Tillis (R-N.C.), who had threatened to block Warsh’s nomination unless the investigation into Powell was resolved. With the probe now closed, the Senate is expected to move forward with confirmation proceedings.
The Federal Reserve’s leadership transition comes at a sensitive moment for monetary policy, with inflation, interest rates, and global economic uncertainty continuing to shape debate over the central bank’s direction.
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