The criminal investigation into Federal Reserve Chair Jerome Powell has been dropped, clearing the way for Kevin Warsh’s confirmation as his successor. The probe, which alleged $2.5 billion in excessive spending on Fed headquarters renovations, found no evidence of wrongdoing, according to District Attorney Jeanine Pirro, who announced the dismissal on April 24, 2026. Pirro noted that internal oversight would continue and warned charges could be reinstated if justified. Powell had previously broken precedent by going public with the investigation, framing it as political pressure to influence interest rate decisions. His public stance underscored his defense of the Fed’s independence amid criticism from Trump over rate policy. The timing is critical: with Republicans holding a 13–11 edge on the Senate Banking Committee, Senator Thom Tillis had tied his support for Warsh to the resolution of the probe. Now cleared, that barrier is removed. Powell’s term ends May 15, 2026; if Warsh isn’t confirmed by then, Powell may serve in an acting role. The case’s closure removes a major hurdle to leadership transition at the Fed, though questions about oversight and political influence remain.
The criminal investigation into Federal Reserve Chairman Jerome Powell over alleged renovation overspend has been dropped, removing a key obstacle to the confirmation of his Trump-nominated successor, Kevin Warsh. The probe, which centered on claims of $2.5 billion in excessive costs for a Fed headquarters renovation, yielded no evidence of wrongdoing by Powell, according to … Weiterlesen …