U.S. Attorney for the District of Columbia Jeanine Pirro said Sunday that she may reopen a criminal investigation into Federal Reserve Chair Jerome Powell, depending on what an inspector general’s probe uncovers over building renovations at the Federal Reserve.
Her comments come just over a week after she wrote on social media that she had directed her office to suspend its investigation into Powell and after Powell’s likely replacement at the Federal Reserve, Kevin Warsh, was approved by the Senate Banking Committee.
“I want to see what’s there. If there’s something there, great. And if there isn’t, I’ll go home,” Pirro told CNN’s Jake Tapper on “State of the Union.”
The Justice Department first launched an investigation into Powell, who is a frequent target of President Donald Trump over not lowering interest rates, in January.
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North Carolina Republican Sen. Thom Tillis held up the committee vote to advance Warsh’s nomination for months due to the investigation into Powell, arguing it was politically-motivated and threatened the independence of the fed.
Pirro also said in the interview that her office is going to make a motion to appeal a judge’s recent decision that quashed her subpoenas in the investigation, saying, “it’s extremely important for us as prosecutors, the precedent that it sets to prevent us from going into a grand jury.”
In her announcement suspending the investigation, she said the Office of the Inspector General of the Federal Reserve will conduct its own investigation into Powell. Pirro went on to say that after the inspector general concludes its report, her office “will not hesitate to restart a criminal investigation should the facts warrant doing so.”
Tillis told CNN on Sunday that while he supports Warsh, he maintains that Powell did not commit any crimes while serving in office.
“At the end of the day, no crime was committed, and the prosecutors I spoke with all agree,” Tillis said. “That’s what I was fighting against, not any single prosecution, but a process that would undermine the independence of the Fed.”
Tillis, who sits on the Senate Banking Committee, previously said that he supported the end of the investigation into Powell.
When asked if he thinks Warsh will maintain some independence from the Trump administration, he said, “I think so.”
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Since beginning his second term, Trump has intensified his verbal attacks on Powell, making several public remarks and online posts criticizing him and the Federal Reserve’s Board of Governors over monetary policy.
In one Truth Social post on April 29, Trump wrote “Jerome ‘Too Late’ Powell wants to stay at the Fed because he can’t get a job anywhere else — Nobody wants him.”
Powell, whose term as chair is set to end on May 15, has pushed back on the pressure, telling senators during a hearing last year that “we don’t take into consideration political factors” when setting rates. Powell has said he will remain at the fed as a governor until the criminal investigation concludes.
The Justice Department has drawn scrutiny for repeatedly using its authority to pursue individuals who have openly criticized or been roadblocks to the president and his administration, including former FBI Director James Comey and six members of Congress who appeared in a video last year urging service members to refuse unlawful orders.
Warsh still needs to be confirmed as the fed chair by the full Senate.
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