Overview
- President Trump said U.S. Attorney Jeanine Pirro should “take it to the end,” backing the criminal investigation into Federal Reserve Chair Jerome Powell.
- The inquiry focuses on cost overruns in the Fed’s headquarters renovation and possible false statements, with grand jury subpoenas that CNBC reports the Fed has not yet satisfied.
- Trump has named former Fed governor Kevin Warsh to succeed Powell when his term ends in May.
- Democrats on the Senate Banking Committee asked Chair Tim Scott to postpone Warsh’s consideration until investigations into Powell and Governor Lisa Cook are closed.
- Republican Senators Thom Tillis and Lisa Murkowski have pledged to oppose Fed nominees until the Powell probe is resolved, raising the prospect of a committee deadlock.