Fed ‘ignored’ DOJ inquiry into Powell on ‘multiple occasions’: Pirro
Jeanine Pirro, identified in the article as the U.S.attorney for the district of Columbia, said the Federal Reserve repeatedly ignored her office’s requests for facts related to the Department of Justice’s criminal inquiry into Fed Chair Jerome Powell, forcing prosecutors to use legal process.Pirro posted on X that the word “indictment” came from Powell himself and that the subpoenas were not threats but a response to unreturned outreach about cost overruns and Powell’s congressional testimony. The inquiry focuses on Powell’s Senate testimony about expensive renovations at the Fed headquarters, with project estimates cited at $2.5 billion (and President Trump claiming $3.1 billion). The DOJ served grand jury subpoenas last Friday; Powell has characterized the probe as political retaliation for his resistance to cutting interest rates as aggressively as Trump wanted. Trump has denied involvement, is reportedly preparing to name powell’s successor, and has suggested other actions such as a possible “gross incompetence” lawsuit; some lawmakers have indicated they may slow confirmation of a new Fed nominee.Pirro said her office will decide the case on its merits and expects full cooperation from the Fed.
Pirro says Federal Reserve ‘ignored’ DOJ inquiry into Powell on ‘multiple occasions’
Jeanine Pirro, the U.S. attorney for the District of Columbia, said on Monday the Federal Reserve “ignored” her office’s request for more information related to the Department of Justice’s criminal investigation into Fed Chairman Jerome Powell multiple times.
Pirro directly challenged Powell’s claim that the Trump administration had threatened a “criminal indictment” against the embattled chairman. She said the inquiry could have been avoided if the Fed simply cooperated with her office’s questions.
“The United States Attorney’s Office contacted the Federal Reserve on multiple occasions to discuss cost overruns and the chairman’s congressional testimony, but were ignored, necessitating the use of legal process—which is not a threat,” the federal prosecutor posted on X late Monday.
“The word ‘indictment’ has come out of Mr. Powell’s mouth, no one else’s,” she wrote. “None of this would have happened if they had just responded to our outreach.”
The inquiry centers on Powell’s Senate testimony regarding the costly renovations at the Fed headquarters. The project’s budget ballooned to $2.5 billion last year, but President Donald Trump claimed the estimated total cost is $3.1 billion. Powell denied the higher number.
Announcing the DOJ served the Fed grand jury subpoenas on Friday, Powell cast the criminal inquiry as an attempt to punish him for his refusal to lower interest rates. The central bank eventually cut interest rates by 0.25% late last year, but Trump wanted Powell to be more aggressive in this area.
As a result, Trump has been looking for someone to replace Powell once his term as chairman ends in May. He reportedly selected Powell’s successor but hasn’t announced his selection yet. Treasury Secretary Scott Bessent said the announcement will likely come this month.
Some federal lawmakers have signaled their intent to hold up the confirmation process for Trump’s Fed chairman nominee after the DOJ opened the investigation into Powell.
Nonetheless, Pirro is pushing forward with the case.
“This office makes decisions based on the merits, nothing more and nothing less,” she said. “We agree with the chairman of the Federal Reserve that no one is above the law, and that is why we expect his full cooperation.”
WHAT TO KNOW ABOUT THE DOJ INVESTIGATION INTO FED CHAIRMAN JEROME POWELL
The administration may also target Powell by pursuing other legal avenues. The president recently revealed he’s considering filing a “gross incompetence” lawsuit against Powell over the Fed renovations.
Trump denied his involvement in the DOJ’s criminal inquiry.
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