The US Justice Department is abandoning its probe against Federal Reserve Chairman Jerome Powell over alleged building cost overruns. US Attorney Jeanine Pirro stated that an internal probe would be conducted by the central bank’s inspector general.
As part of a long-running feud with Powell, President Donald Trump has claimed that the cost of the Fed’s facility upgrades is prohibitively expensive. Powell’s term is coming to an end, and the US Senate is examining Trump’s nomination for his replacement, Kevin Warsh. Thom Tillis, a crucial Republican, has reserved his support for Warsh unless the Trump administration drops its investigation into Powell.
American taxpayers deserve answers about the Federal Reserve’s fiscal mismanagement, and the Office of the Inspector General’s more powerful authorities best position it to get to the bottom of the matter,” said White House spokesman Kush Desai. “The White House remains as confident as before that the Senate will swiftly confirm Kevin Warsh as the next Federal Reserve Chairman to finally restore competence and confidence in Fed decision-making.”
The inspector general’s office stated that it was “actively working to complete our review, and look forward to making the results available to the public and Congress once completed,” but declined to provide a date.
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