Federal Reserve building renovation project reaches $2.5 billion milestone
Federal Reserve building renovation project reaches $2.5 billion as leadership transition advances.
Event / Politics
Kevin Warsh Federal Reserve Confirmation
Senate Banking Committee considers Kevin Warsh's nomination as Federal Reserve chair following closure of DOJ investigation into Jerome Powell. Democrats raise concerns about Fed independence and interest rate policy.
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2026-08-18 to 2026-11-15 · UTC publication dates
Coverage begins 23 Apr, 03:36 UTC
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What happened
Department of Justice closes investigation into Jerome Powell
The U.S. Attorney for the District of Columbia ended the Justice Department's criminal investigation into Federal Reserve Chair Jerome Powell on Friday. The investigation had focused on Powell's management of a $2.5 billion renovation project of Federal Reserve buildings in Washington. The closure clears the way for Warsh's confirmation.
Federal Reserve building renovation project reaches $2.5 billion
The Federal Reserve's renovation project for two buildings in Washington has reached $2.5 billion, up from earlier estimates of $1.9 billion. President Trump has criticized the project for cost overruns and visited the Fed building in July, publicly stating the renovations would cost $3.1 billion, a figure Powell disputed.
President Trump says he would be disappointed if Warsh does not cut interest rates
President Trump stated in a CNBC interview that he would be disappointed if Kevin Warsh, his nominee for Federal Reserve chair, did not immediately cut interest rates. This statement came hours before Warsh's confirmation hearing where Warsh pledged to be independent of White House pressure.
Jerome Powell's Federal Reserve chair term scheduled to end May 15
Federal Reserve Chair Jerome Powell's current leadership term is scheduled to end on May 15, 2026. Powell has not yet decided whether to remain on the Federal Reserve Board as a governor, a position whose term lasts until January 2028.
Sen. Thom Tillis drops opposition to Kevin Warsh's Fed chair nomination
Republican Senator Thom Tillis of North Carolina announced on Sunday that he would support the confirmation of Kevin Warsh as Federal Reserve chair, removing a major obstacle to Trump's nomination. Tillis had previously blocked the nomination in the Senate Banking Committee but changed his position after the Department of Justice ended its investigation into current Fed Chair Jerome Powell.
Kevin Warsh pledges independence if confirmed as Federal Reserve chair
At his Senate confirmation hearing, Kevin Warsh told lawmakers he never promised the White House that he would cut interest rates and pledged to be an independent actor if confirmed as Federal Reserve chair. Warsh is a financier and former Federal Reserve board member who previously served as a Fed governor from 2006 to 2011.
Senate Banking Committee schedules vote on Warsh nomination for Wednesday
The Senate Banking Committee announced plans to vote on Kevin Warsh's nomination as Federal Reserve chair on Wednesday. With Tillis' support, Republicans now have the votes needed to advance the nomination out of committee. The full Senate is expected to confirm Warsh before Powell's term ends on May 15.
Federal judge quashed Justice Department subpoenas in Powell investigation
A federal judge blocked Justice Department subpoenas issued to the Federal Reserve in the investigation of Jerome Powell in March. The judge found that the subpoenas were issued for the improper purpose of pressuring Powell to resign or lower interest rates. A prosecutor acknowledged in closed-door court proceedings that the government had not found evidence of criminal conduct.
U.S. Attorney Jeanine Pirro closes criminal investigation into Federal Reserve Chair Jerome Powell
U.S. Attorney for the District of Columbia Jeanine Pirro announced on April 24, 2026, that her office is closing its criminal investigation into Federal Reserve Chair Jerome Powell regarding cost overruns in the Federal Reserve building renovations. Pirro stated that the Federal Reserve's Inspector General has been asked to scrutinize the building cost overruns, which exceeded estimates by billions of dollars borne by taxpayers. Pirro reserved the right to restart the investigation if facts warrant doing so.
Senate Democrats criticize closure of Powell investigation as political maneuver
Senator Elizabeth Warren, the ranking Democrat on the Senate Banking Committee, criticized the decision to close the investigation into Powell, stating it was an attempt to clear the path for Kevin Warsh's confirmation. Warren also noted the Justice Department had failed to drop its criminal probe against Federal Reserve Governor Lisa Cook, whose case regarding her employment is pending before the Supreme Court.
Representative Anna Paulina Luna referred Federal Reserve Chair Powell to DOJ for perjury allegations
In July 2025, Republican Florida Representative Anna Paulina Luna referred Federal Reserve Chair Jerome Powell to the Department of Justice over perjury allegations tied to his June 2025 testimony before the Senate Banking Committee regarding the Federal Reserve building renovation costs.
Kevin Warsh advances toward Senate confirmation as next Federal Reserve Chair
The closure of the investigation into Powell clears the way for President Donald Trump's nominee Kevin Warsh to move toward a Senate confirmation vote to succeed Powell as Federal Reserve Chairman. Powell's term as chair ends on May 15, 2026. Republican Senator Thom Tillis of North Carolina had previously pledged to block Warsh's nomination unless the DOJ dropped its probe into Powell.
Senate Banking Committee Republican blocks Federal Reserve nominee until investigation is dropped
Senator Thom Tillis, a Republican member of the Senate Banking Committee from North Carolina, stated he would not support any Federal Reserve nominee until the criminal investigation into Powell was closed. Tillis characterized the investigation as 'bogus' and stated he considered Warsh a qualified nominee.
Federal Reserve building renovation project exceeded budget by billions of dollars
The Federal Reserve headquarters renovation project experienced significant cost overruns, surpassing initial estimates of $2.5 billion. The total overruns reached into the billions of dollars, and the project became the subject of a criminal investigation by the U.S. Attorney's Office for the District of Columbia that began in January 2026.
DOJ drops criminal investigation into Federal Reserve Chair Jerome Powell
The U.S. Department of Justice, led by District of Columbia U.S. Attorney Jeanine Pirro, announced on Friday that it is closing its criminal investigation into Federal Reserve Chair Jerome Powell. The investigation had been initiated in January over Powell's statements to Congress regarding $2.5 billion in renovations at the Federal Reserve's Washington headquarters. Pirro stated that the matter is being referred to the Federal Reserve's inspector general for further scrutiny of the building cost overruns.
Powell testified to Senate Banking Committee denying elaborate renovations
Federal Reserve Chair Jerome Powell testified before the Senate Banking Committee, denying that the Federal Reserve headquarters renovation included elaborate features. Powell stated: "There's no VIP dining room, there's no new marble. There are no special elevators. There are no new water features, there's no beehives, and there's no roof terrace gardens."
Powell announces investigation, characterizes it as political pressure on Federal Reserve
In a video message in January, Federal Reserve Chair Jerome Powell publicly revealed the DOJ investigation into him, characterizing it as an attempt by the Trump administration to exert political pressure on the Federal Reserve to lower interest rates rather than pursue an independent monetary policy.
Federal Reserve inspector general tasked with reviewing building renovation costs
The Federal Reserve's inspector general has been asked to conduct a comprehensive review of the $2.5 billion renovation project at the Federal Reserve's headquarters in Washington D.C., focusing on cost overruns that have been borne by taxpayers. The inspector general had previously conducted an audit of the building renovation costs in 2021 and was already reviewing the project at Powell's request from the prior year.
DOJ investigation initiated over Powell's Congressional testimony
In January, the Department of Justice under U.S. Attorney Jeanine Pirro initiated a criminal investigation into Federal Reserve Chair Jerome Powell over statements he made to the Senate Banking Committee regarding the $2.5 billion renovation project at the Fed's headquarters, which the investigation alleged had understated cost overruns.
Powell to remain as Fed Chair until successor Kevin Warsh is confirmed
Federal Reserve Chair Jerome Powell announced in March that he would remain in his position until President Trump's nominee for Fed Chair, Kevin Warsh, is confirmed by the Senate. Powell's term was set to end the following month.
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2 alternative perspectives
Trump Says He'd Be Disappointed if Warsh Doesn't Cut Rates
Trump says he'd be disappointed if Warsh doesn't cut rates as incoming Federal Reserve chair.
Federal judge ends Powell investigation, clearing Warsh confirmation path
Federal judge ends Powell investigation, clearing final obstacle to Warsh's Fed chair confirmation.
Tillis drops opposition, clearing Warsh's path to Fed confirmation vote
Tillis drops opposition to Warsh, Senate Banking Committee votes Wednesday on Fed chair nomination.
Senate Republicans clear final obstacle to Warsh Federal Reserve confirmation
Tillis lifts confirmation hold as Powell investigation closes, clearing Warsh's path to Fed chair.
Powell investigation closes as Democrats question timing amid Warsh confirmation
Criminal investigation into Powell closes; Democrats dispute timing and motives.
Tillis blocks Warsh confirmation pending investigation outcome
Tillis blocks Warsh Fed confirmation pending investigation outcome; Powell remains chair until confirmed.
DOJ closes criminal investigation into Powell amid Fed leadership transition
DOJ closes Powell investigation after judge blocks subpoenas, clearing path for Warsh confirmation.
Trump Signals Rate Cut Expectations as Warsh Fed Confirmation Advances
Trump signals rate cut expectations as Warsh advances toward Federal Reserve chair confirmation.
Powell inquiry ends, clearing path for Warsh Fed confirmation
Powell investigation ends, removing the last obstacle to Warsh's Federal Reserve confirmation.
Criminal inquiry into Powell redirects attention from Warsh confirmation debate
Criminal inquiry into Powell's Fed building renovations emerges during Warsh confirmation process.
Warren Questions Warsh's Independence at Fed Chair Confirmation Hearing
Warren questions Warsh's Fed independence; Warsh denies Trump influence at confirmation hearing.