The Justice Department closed its criminal investigation into the Federal Reserve and its Chairman Jerome Powell on April 24, potentially clearing the way for the Senate confirmation of his nominated successor, Kevin Wersh.
U.S. Attorney for D.C. Jeanine Pirro announced the decision in a social media post, saying the investigation — which was related to the budget for a renovation project at the central bank’s Washington headquarters — would be closed.
Pirro said, “This morning the Inspector General of the Federal Reserve has been asked to investigate billions of dollars of building costs borne by taxpayers. The IG has the authority to hold the Federal Reserve accountable to American taxpayers.” “I expect a comprehensive report in a short time and I am confident that the results will help resolve once and for all the questions that led this office to issue the subpoena. Accordingly, I have directed my office to close our investigation as the IG conducts this investigation. Keep in mind, however, that I will not hesitate to reopen a criminal investigation if the facts warrant it.”
Warsh’s confirmation in the Senate has been blocked by Democrats and Senator Thom Tillis, R-North Carolina, who wanted to see the Justice Department’s investigation into Powell resolved. Powell’s term as chairman is set to end on May 15.
(This is a developing story and will be updated with new information.)