BREAKING: DOJ drops probe against Jerome Powell over Fed renovation cost overruns

The Department of Justice has dropped their probe of Federal Reserve Chair Jerome Powell over an investigation into him with respect to cost overruns for a renovation project of the Fed's headquarters in Washington, DC.

"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," US Attorney for DC Jeanine Pirro said in a post to X.

"The IG has the authority to hold the Federal Reserve accountable to American taxpayers. I expect a comprehensive report in short order and am confident the outcome will assist in resolving, once and for all, the questions that led this office to issue subpoenas. Accordingly, I have directed my office to close our investigation as the IG undertakes this inquiry. Note well, however, that I will not hesitate to restart a criminal investigation should the facts warrant doing so," she added.

The decision to drop the case may clear the way for President Donald Trump’s nominee to Fed Chair, Kevin Warsh to be confirmed in a Sente vote, which has been blocked by Republican Senator Thom Tillis. The North Carolina Senator has called the probe into Powell “bogus.”

White House spokesman Kish Desai 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.”