U.S. Sen. Thom Tillis, R-N.C., in an elevator at the U.S. Capitol on June 30, 2025 in Washington, D.C. Tillis had vowed to oppose President Donald Trump’s pick to replace Fed Chair Jerome Powell unless the administration dropped its Fed investigation. (Photo by Alex Wong/Getty Images)
WASHINGTON — The Department of Justice dropped its investigation Friday of the Federal Reserve and Chair Jerome Powell over building renovation costs, a move that could open the door for new Fed leadership next month — and signaled a victory for North Carolina Sen. Thom Tillis.
U.S. Attorney Jeanine Pirro said her office closed the probe after a request to the Fed’s inspector general to examine the cost overruns.
“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,” Pirro wrote on X just after 10 a.m. Eastern.
Pirro said she “will not hesitate to restart a criminal investigation should the facts warrant doing so.”
Powell, whose term expires in May, has been the target of repeated public criticism from President Donald Trump, who threatened to fire the central bank’s chair if he did not lower interest rates.
The Trump administration’s criminal inquiry into Powell for a $2.5 billion renovation project at the Fed’s offices has been eyed with suspicion, including from his own party.
Tillis, R-N.C., said he would not vote for Trump’s pick to replace Powell, former Fed Board Governor Kevin Warsh, unless the administration dropped its “bogus” investigation.
A favorable vote by Tillis on the closely divided Senate Committee on Banking, Housing and Urban Affairs is necessary to advance Warsh’s nomination, as all panel Democrats oppose him.
A federal judge last month blocked the administration’s subpoenas to probe the Fed and Powell.
The Department of Justice declined to comment and referred States Newsroom to Pirro’s social media post.
This is a developing story and will be updated.
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