Prosecutors working for Jeannine Pirro, the U.S. Attorney for Washington, D.C., made an unannounced visit to the headquarters of the Federal Reserve on Tuesday.
Federal Reserve Investigation Continues
Three officials from Pirro’s office arrived at the Fed’s headquarters construction site and requested a “tour,” according to Robert Hur, the central bank’s outside counsel. They also indicated they wanted to “check on progress” regarding the renovation of the Fed’s buildings.
The attempted visit occurred after a probe into Fed Chairman Jerome Powell’s congressional testimony about the renovation project had begun to lose momentum. The investigation initially came to public attention in January when Powell announced the central bank had been served with subpoenas.
Pirro’s office has twice attempted to revive the subpoenas, and lost both times. They could appeal to a higher court, but have not yet done so. Hur asked that Pirro’s office refrain from communicating with the Federal Reserve outside the presence of counsel.
Political Implications
The timing of the visit coincided with the Senate Banking Committee’s announcement of a confirmation hearing for Kevin Warsh, President Donald Trump’s nominee to succeed Powell. Senator Thom Tillis has stated he will not vote to advance Warsh’s nomination until the Justice Department concludes its probe of Powell and the renovations.
Pirro stated that the investigators were justified in inspecting the renovation project, noting the project has experienced cost overruns of almost 80% over the original budget. Senator Tim Scott expressed confidence that the Justice Department would resolve the matter soon.
Frequently Asked Questions
What prompted the visit to the Federal Reserve?
Three officials from Jeannine Pirro’s office arrived at the Fed’s headquarters construction site and requested a “tour,” and said they wanted to “check on progress” in the renovation of the Fed’s buildings.
What was the outcome of the visit?
Investigators from Pirro’s office were turned away from the site, according to Robert Hur, the central bank’s outside counsel.
How might this affect Kevin Warsh’s confirmation?
Senator Thom Tillis has said he will not vote to advance Warsh’s nomination until the Justice Department drops its probe of Powell and the renovations.
As the situation unfolds, will the Justice Department’s actions ultimately influence the composition of the Federal Reserve’s leadership?
