The DOJ wording suggests the matter is not closed. 
Justice Department Ends Probe of Powell
The Wall Street Journal reports Justice Department Will End Probe of Jerome Powell, Clearing Path for Kevin Warsh
The Justice Department said it would end its criminal investigation of Federal Reserve Chair Jerome Powell, clearing the obstacle that has stalled Kevin Warsh’s confirmation as his successor.
U.S. Attorney Jeanine Pirro announced the move Friday, saying her office is closing an inquiry into Powell’s testimony to Congress about cost overruns on the renovation of two historic Fed buildings. A federal judge had already ruled the grand jury subpoenas served on the Fed in January were improper and found “essentially zero evidence” of criminal wrongdoing.
“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 said.
A Fed spokeswoman declined immediate comment.
The reversal comes days after Pirro said publicly she intended to press on with the case. President Trump, in an interview just before Warsh’s confirmation hearing on Tuesday, brushed aside repeated suggestions that he let Congress handle oversight of cost overruns and close the investigation. “We have to find out” where the money went, Trump said.
For Warsh, the decision clears the central political obstacle to his confirmation. [Mish: I dispute this]. Sen. Thom Tillis (R., N.C.) had said he wouldn’t advance any Fed nominee while the probe remained open. His vote was crucial because Republicans have a 13-11 majority on the Senate Banking Committee and all Democrats have refused to consider the nomination until the probe ends.
Powell, whose term as chair ends May 15, has said he would continue to serve as the central bank’s acting head, or “chair pro tempore,” if a successor isn’t in place at the end of his term. The first meeting of the Fed’s rate-setting committee after that is June 16-17.
Powell now has a separate decision to make over whether to resign his position as a Fed governor. He can hold that seat until January 2028 and had indicated he would remain in it at least until the probe was “well and truly over, with transparency and finality.” After that, he said his decision to stay or leave—almost all Fed chiefs have exited at the conclusion of their terms as chair—would be “based on what I think is best for the institution and the people we serve.”
Warsh has been nominated to fill the seat held by Fed governor Stephen Miran, whose term expired at the end of January but who can remain until Warsh is confirmed.
If Powell departs the board, Trump could appoint either Miran or a new candidate to fill that vacancy.
The end of the probe closes, for now, a confrontation over Fed independence without modern precedent. In a January video statement disclosing the probe, Powell had taken the unusual step of publicly accusing the executive branch of pursuing a pretext to pressure the central bank over interest rates.
Is the Probe Over?
US Attorney General Pirro
This morning the Inspector General for the Federal Reserve has been asked to scrutinize the building costs overruns – in the billions of dollars – that have been borne by taxpayers.
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.
Accordingly, I have directed my office to close our investigation as the IG undertakes this inquiry. Note well, however, that I will not hesitate to restart a criminal investigation should the facts warrant doing so.
A Threat to Restart the Investigation
Since Trump is the world’s biggest liar, there is no strong reason to believe that this is over.
If Trump asks Pirro to restart the investigation, she will undoubtedly do so.
The DOJ progressed futile political witch hunts already, at Trump’s insistence.
That may not be likely here. I don’t know. But I do know it’s possible, and the threat is obvious.
I suspect, but do not know, that this mushy DOJ language will satisfy Tillis . But I do know that it shouldn’t.
Recent Cases
- The DOJ appealed dismissals and sought to revive criminal cases against former FBI Director James Comey and New York AG Letitia James. These involved charges tied to alleged misconduct; courts had previously dismissed them, but the Trump DOJ pursued appeals or re-indictment efforts.
- There were broader reports of DOJ actions targeting political opponents, including probes or revived scrutiny of figures like John Brennan.
- In mid-2025, the DOJ under AG Pam Bondi restarted/paused-and-restarted FCPA enforcement with revised priorities. It closed many Biden-era cases but authorized new investigations focused on matters harming U.S. competitiveness.
Comey Background – DOJ Recommended Dismissal
- Initial reluctance (pre-indictment): Career federal prosecutors, including interim U.S. Attorney Erik Siebert in the Eastern District of Virginia, reviewed the cases against Comey (false statements to Congress) and James (mortgage/bank fraud allegations) and declined or recommended against charging them, citing insufficient evidence or other issues. reuters.com
- Trump intervention: Trump publicly and privately pressured AG Pam Bondi to pursue them. Siebert was pushed out/resigned after resisting. Trump installed his former personal lawyer, Lindsey Halligan (with limited prosecutorial experience), as interim U.S. Attorney specifically to move the cases forward. This happened days before the indictments.
Comey Witch Hunt
- Indictment (September 2025): Comey was indicted by a federal grand jury in the Eastern District of Virginia on two felony counts — making false statements to Congress and obstruction of a congressional proceeding. These stemmed from his 2020 Senate Judiciary Committee testimony about the FBI’s Russia investigation into the 2016 Trump campaign. A proposed third charge was rejected. npr.org
- Background and Process: Trump publicly pressured AG Pam Bondi for quick action against political adversaries. Career prosecutors initially resisted due to evidentiary concerns. Trump replaced the lead prosecutor (who declined to pursue aggressively) with Lindsey Halligan, a former Trump personal lawyer with limited prosecutorial experience, installed as interim U.S. Attorney. Halligan presented the case to the grand jury. politico.com
- Judicial Dismissal (November 24, 2025): U.S. District Judge Cameron McGowan Currie dismissed the case, ruling Halligan’s appointment as interim U.S. Attorney was unlawful. The judge cited procedural issues, including an “indict first, investigate second” approach, grand jury irregularities (e.g., not reviewing the final indictment), and potential government misconduct in evidence handling.
Comey Revival Efforts
- DOJ appealed the dismissal to the Fourth Circuit.
- Prosecutors explored re-indictment via a new grand jury and sought to reuse certain evidence (some blocked by another judge as potentially unconstitutional).
- As of late 2025/early 2026, additional hurdles included grand jury reluctance and court blocks.
Recap
- The language of Pirro is troubling
- Trump is pursuing 100% known to be dead in court cases right now
- The James Comey and Letitia James cases should never have been brought n the first place, but Trump fired people to pursue them anyway.
- Trump lost the Comey and James cases but still won’t drop them. He will lose in court again, for certain.
Trump is a stubborn vindictive liar. This case may or may not be over. And the language of Pirro is particularly troubling.
I suggest Tillis hold out for a more forceful statement. My bet is that he won’t.
Judge Chastises Trump’s DOJ Over “Frivolous” Subpoenas of the Fed Chair
On March 13, I commented Judge Chastises Trump’s DOJ Over “Frivolous” Subpoenas of the Fed Chair
These legal morons are truly gluttons for punishment. The odds of winning this appeal are essentially zero.
So, I welcome the appeal. It will only make the DOJ look stupider when the ruling happens.
What About Powell?
I suggest Powell not resign.
On April 15, I commented On April 15, I commented Trump Threatens to Fire Powell if He Doesn’t Resign When Fed Chair Term Ends
Trump’s threat makes it far more likely Powell stays on.
Powell is entailed to stay on until 2028, if he wants. And I believe he should. Trump has no authority to fire Powell.
Powell should not make it easy on Trump.
This is not an endorsement of Powell’s policies. Rather, it is an endorsement of smashing a pumpkin into Trump’s face, that the Fed will not make decisions based on demands of economic illiterates, nor make illegal threats to Fed governors.
Fed Misses Inflation Target on Ten Different Measures
Please recall my January 14, 2026 post The Fed Has Missed Its Inflation Target on Ten Different Measures
The Atlanta Fed tracks various inflation targets. Let’s have a look.
Since then we have huge war-related inflation and jobs, at least as reported, are holding steady.
There is no reason to be cutting rates here. That’s another reason for Powell to stay on.
Related Posts
March 18, 2026: Fed Press Conference Key Point, 3 Times Powell Said “We Just Don’t Know”
“And no one else does either,” said Powell. Ponder what that implies.
March 30, 2026: Powell Warns the Markets and Trump that His Patience with Inflation Has Limits
Powell’s speech was to Harvard students but read between the lines.
Addendum
Well, I called this.
What bothers me WAY more than the Spending is the OBSESSION with the FED and it allows them to continue their cartel.
Remember, their “bottom line” inflation rate is 20% increases in OUR costs of living over each ten year period; COMPOUNDED.
THAT is criminal.
THAT is the subject that Trump should take on but: BEWARE that he is PART of the Cartel.
JPow is getting a raw deal and if he ends up in prison on Trumped up charges it will be a Greek tragedy but totally fine with me.
Let’s not forget the Fed has inflicted misery on millions of Americans and likely billions around the world with their inept doctrine and incompetence the past 100 years.
Honestly, Fed chairs thrown in prison is a karmatic justice in some ways.
“You live by the central banking sword, you die by the central banking sword.”
“You reap what you sow.”
Dont blame the fed. The problem starts with congress.
Roger, please read up! You seemingly have no idea of the power that the Fed Wields over ALL of us. IT IS the CENTRAL BANK of CENTRAL BANKS. It is a CARTEL. MAFIA!
Well i admit im no expert on the fed and i agree its a shady business. The point i was trying to get across is we are some 36 trillion in debt due to congress not the fed. From both over spending and tax cuts. We continue to allow congress to create the problem and complain about the fed stepping in to “fix” things. If we had responsible spending at the government level the role of the fed would be diminished.
Powell has been the best Fed Chair since Volcker, IMO.
Yellen was a joke, Bernanke was an arrogant dude who earned the sobriquet “Helicopter Ben:, and Greenspan was insufferable.
Now we get to suffer one of Taco’s stooges.
That is like saying that he is the LEAST STINKY of the pieces of shit that ruin lives. WOW, I am TRULY surprised at the KOOL-AID drinking going on here.
I think I remember reading occasional stories over the years about Latin American judges arresting or threatening to arrest the heads of their countries’ central banks. I am no fan of central banks, but at least the bankers are apt to have some understanding of what they are doing. The judges are just arrogant fools who are messing around in things they don’t understand.
Let’s face it, government is inherently a criminal activity. Some governments are worse than others. Central banking is wrong in that it is government interference in markets. Judges are as corrupt as the laws they enforce, which nowadays are very corrupt.
Trump is interesting because he is making an attempt to reform the system instead of destroying it. Forty or so years ago, Reagan succeeded in doing that, as did Mrs. Thatcher in Britain. But people forget too quickly, and as soon as a leader like that retires, things start to go backwards again.
I liked the story about how Turkey recently appointed a new head of its central bank, who was a nice girl who had worked in America. Unfortunately, owing to the dire economic situation in Turkey, she couldn’t afford her own apartment in Ankara, so had to live with her parents. I haven’t heard anything since.
Dr. Schacht also had an entertaining story (in his autobiographical works) about how Hitler sacked him as central bank chief.
Do you know the Fed IG has already been investigating the cost overruns since July 2025 – at Powell’s request?
Hey, BREAKING NEWS.
I just read that 2 Israel stooges are in Pakistan even
without Vance to talk about PEACE.
They are going to talk about PEACE.
Next you’ll be telling us that their breaking bread and slicing up pork chops with Iran and Pakistan…
They have made their intentions too obvious. Tillis would look a fool to change his vote based on this B movie script.
Tillis should not roll over for the Chief Pedophile of the United States (of course the Chief Pedophile prefers his victims underage).
Say what it takes to get the job. Cant fire you afterwards. The supreme court and fed. We will see which way it swings. For trump or against.
Sort of a reverse TACO. He says one thing to get what he wants. Then, after that thing is gotten, he will go back on his “word”. Just a F’ing liar, all the time.
Warsh’s proposal to use a measure of inflation that reports lower that the existing one is equivalent to saying he wants to lower rates. If anything, the existing metric already under reports inflation, but the correct thing to do would result in rates moving HIGHER, which clearly goes against fiscally policy.
Not tracking. To me using a different measure that underreports relative to the current measure is tantamount to letting inflation run permanently hotter than the 2% target and pretend that they are still managing to 2%.
US Attorney General Pirro
This morning the Inspector General for the Federal Reserve has been asked to scrutinize the building costs overruns – in the billions of dollars – that have been borne by taxpayers.
The Federal Reserve funds its operations, including building renovations, through its own earnings, primarily from interest on government securities it holds, without using taxpayer dollars.
The attack poodle is truly moronic. She can’t even get the story right. Or, she’s intentionally misrepresenting the situation … that’s called lying.
Christ, moving it to the IG just continues and amps up the childishness Trump is. The Child King. We’re all so tired of it.., and yet we’re stuck with the endless lies and BS.
I could be wrong, but I think that the IG is more independent of the executive branch than a stooge like Pirro, who is Taco’s attack poodle.
Either way, Tillis ought to keep the hold on until around the 4th of July out of retribution.
The Fed is NOT a federal institution. It is as federal an institution as Federal Express. And there is no reserve. It is a private collection of banks. The Creature from Jekyll Island.
I haven’t read the Fed’s charter or any bylaws or regulations it may have, and I don’t know what is in federal law regarding the Fed, but it is not part of the Executive branch, so I would agree with you that it probably has more independence than the IG of a federal department.
As far as I can tell, the IG reports to Congress, not the Executive Branch. However, they can coordinate with the DoJ. Their agents can carry firearms, seek warrants, and make arrests:
OIG: Investigations – What We Do
I conclude that this is more of an attempt by Taco to save face after curbing the attack poodle … the Fed is not above the law or oversight, but it seems that the chance of the IG doing much more than filing a report to Congress is rather slight.
“Trump is. The Child King.”
Caligula
Epstein The Movie!
https://x.com/JOKAQARMY1/status/2046960908329529553
Greasing the skids for Warsh…patently obvious
Please read my addendum
Under Obama and again under Biden the full force of the DoJ was weaponized.
Social media were fully subordinated to government messaging parameters.
Trump is continuing the trend.
All the intel agencies are also thoroughly political.
American Justice is very political, has been for a long time.
The pendulum swings are becoming more violent.
Unique to Trump is the kindergarten level transparency of how dumb, useless, and crooked everything is.
The man has taught me things about stupidity and evil that I had never imagined.
Isn’t this the sort of thing that happens when a civilization is collapsing? It’s not Trump’s fault exactly. He is continuing what the Democrats did to his people.
I am in Australia, but if what I read about the appalling treatment of those simple souls who wandered into the Congress on that January 6th is even half true, then I don’t think you have even a pretense of justice in America any longer.
I can see the strategy of the Democrats and the news services. Make sure they get in, and then hold up your hands in horror about it. These people are shameless.
In year 1938 or 1939, two of my father’s first cousins were part of a group of bush people who, under the influence of a confused scholar, invaded a state parliament in Australia in order to find the premier (the equivalent of a governor in an American state) and make him sign a paper making them the government.
It was, needless to say, a fiasco. Eventually someone managed to get down to the police station, and they were all arrested and taken away. According to an official account that someone dug up for me, the officials had some trouble deciding what to charge them with. Apparently no-one had envisaged such a situation. Anyway, eventually they were put on trial, and the jury threw the case out. It was at the tail-end of the Great Depression, and apparently a lot of ordinary people didn’t mind the idea of politicians being roughed up.
I see politicians getting away with atrocities, and people being sorry for them when they are held to account. There was that example in Japan a few years ago, of a former leader who associated with the head criminals in a religious cult, and who was appropriately punished by a member of the public whose family’s money had been swindled out of his mother by the cult. People were sorry for the politician, not for the prey of the religious swindlers. There were the Catalonian independence leaders in Spain who were PUT IN JAIL for trying to get their region out from under the graft and corruption of the Spanish Government. Some of these issues are pretty cut-and-dried, but the criminals in charge still get away scot-free.
I keep getting led to the idea that the time has come for military dictatorships. Democracy can only work if the electorate is reasonably intelligent, well informed, and mature. That doesn’t apply any more. I think one of your founding fathers said that democracy would only work until the electorate discovered it could vote itself benefits out of the public purse, didn’t he?
“I think one of your founding fathers said that democracy would only work until the electorate discovered it could vote itself benefits out of the public purse, didn’t he?”
You might be thinking of Frederic Bastiat. Not a FF but he traveled America in the early 1800s I think it was and made some very astute observations based on history and predictions for our republican form of democracy. that have come true.
“I keep getting led to the idea that the time has come for military dictatorships”
I was sympathetic to your argument until I got to this sentence. Fortunately, you have many dictatorships to choose from, which one are you going to move to as your utopia until you die?
I was thinking of Franco in Spain and Pinochet in Chile. You could also count Napoleon in that category. All those men took over their countries under dire circumstances. No doubt all of them had faults. I don’t think I would particularly like to have lived under any of them, but I certainly wouldn’t have liked to have lived under the chaotic regimes they replaced.
In my high school years, I was made to study the French Revolution. Years later, when I had found my way into libertarian circles, I came across the book, “Fiat Money Inflation in France,” by Andrew Dickson White, who was an American scholar and diplomat. I still had a sneaking regard for the teacher who had taught the history class, so I took the book to him – he had an idea that the French Revolution was pivotal in history. He said it was interesting and that he had never heard about the financial side of the Revolution before. Yet it was financial collapse that brought the whole horrible mess about.
I know that a lot of military dictatorships are corrupt messes, too. It is a rare officer who can do what Pinochet and Franco did, rule with an iron hand and still leave their country better off than they found it. But sometimes, democracies just work themselves into collapse.
I see it as part of the tension between what I call the soldiers and the priests. Soldiers are men who live by exploiting their ability to use or threaten force. Priests are men who live by deceit. The priestly professions in our modern Western world are teaching, journalism (the media in general), and the judiciary. Priests and soldiers always work together to run a society, but usually the priests dominate the soldiers, and baffle the soldiers with bullshit just as they baffle the rest of us. Only when things get really bad do the soldiers lash out and give some of the worst priests a bit of what they deserve.
Taco will do whatever it takes, legal or not, to get his way. In this case, it is to terminate the fed chair so his own lackey can be installed and likely reduce short-term interest rates in the near term. What a piece of work? Where is the Congress and the Justice Department, as well as the Attorney General? Oh, I forgot that he apparently controls them as well. How can one deranged individual have so much power with no one stepping in to at least try to stop these actions?
You are talking about a man who is now trying to get Mt Kilimanjaro named after him; he is a legend in his own mind
Ask a MAGA voter