The long-running dispute between former President Donald Trump and Federal Reserve Chair Jerome Powell has reached a resolution. On Friday, the U.S. Justice Department announced it was closing its criminal investigation into Powell regarding the renovation of the Federal Reserve’s headquarters in Washington, D.C.
U.S. Attorney for the District of Columbia Jeanine Pirro shared the decision in a post on X (formerly Twitter). She stated:
“This morning the Inspector General for the Federal Reserve has been asked to scrutinize the building costs overruns – in the billions of dollars – that have been borne by taxpayers. Accordingly, I have directed my office to close our investigation as the IG undertakes this inquiry.”
Powell’s term as Federal Reserve Chair is set to expire in May 2026. Trump had previously nominated Kevin Warsh to replace Powell, but the confirmation process faced significant delays. Republican Senator Thom Tillis had threatened to block Warsh’s confirmation, citing the investigation into Powell as a key concern.
This development marks the end of a contentious chapter in the relationship between the Trump administration and the Federal Reserve, though the Inspector General’s review of the renovation costs will continue.
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