Pirro drops probe into Fed's Powell, paving way for Warsh confirmation

Dow Jones04-24 22:26

MW Pirro drops probe into Fed's Powell, paving way for Warsh confirmation

By Victor Reklaitis

President Donald Trump's Department of Justice on Friday said that it's backing down in a standoff over the leadership of the Federal Reserve, and that announcement is expected to pave the way for Trump's nominee for Fed chair, Kevin Warsh, to take over for current Fed chief Jerome Powell as Powell's term for that role ends May 15.

The Senate confirmation of Warsh to be the new Fed boss had been held up for months because Republicans don't have the votes to confirm him as long as Trump's DOJ continued a criminal investigation of Powell tied to cost overruns in a renovation of the Fed's headquarters. Republican Sen. Thom Tillis of North Carolina had been declining to back Warsh until the probe is resolved, and his objection was enough to hold up the confirmation process.

Jeanine Pirro, the U.S. attorney for Washington, D.C., said in a social-media post on Friday that she has directed her office to "close our investigation" as the Fed's Inspector General undertakes an inquiry into the renovation.

-Victor Reklaitis

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

April 24, 2026 10:26 ET (14:26 GMT)

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