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DOJ Drops Powell Probe, Smoothing Path for Warsh to Lead Fed | Bloomberg Businessweek
Posted
April 25, 2026
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April 25, 2026
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47:26Now PlayingThe people, companies and trends shaping the global economy.
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The Justice Department is ending a controversial investigation into building-renovation cost overruns at the Federal Reserve, potentially clearing a path to confirmation for Kevin Warsh, President Donald Trump’s pick to be the next chair of the central bank.
Jeanine Pirro, US Attorney for the District of Columbia, said in a social media post Friday the Fed’s Office of Inspector General had been asked to scrutinize the cost overruns. She said she expects a report soon on the findings.
“I have directed my office to close our investigation as the IG undertakes this inquiry,” Pirro said in the post. “Note well, however, that I will not hesitate to restart a criminal investigation should the facts warrant doing so.”
The Fed’s OIG is already conducting a review of the renovation of the central bank’s headquarters, which it opened last year at the request of Fed Chair Jerome Powell. US Treasuries edged slightly higher following the announcement, with shorter-dated notes leading gains as some traders bet a Warsh-led Fed would be more inclined to cut interest rates. The two-year yield fell five basis points to 3.78%.
The White House said in a statement “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.”
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Michael McKee, Bloomberg News International Economics & Policy Correspondent
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Barbara Humpton, CEO at USA Rare Earth
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