Trump Renews Pressure on Powell Amid Fed Probe

Federal prosecutors visited the construction site at the headquarters of the Federal Reserve as part of an ongoing investigation into a $2.5 billion renovation project, according to reporting by Michael Kunzelman and Christopher Rugaber for the Associated Press (AP).

The visit signals that the administration of Donald Trump is continuing its scrutiny of Fed Chair Jerome Powell. (Photo: The White House Flickr)

Two prosecutors and an investigator from the office of U.S. Attorney Jeanine Pirro were turned away by a contractor and referred to Federal Reserve lawyers.

The visit signals that the administration of Donald Trump is continuing its scrutiny of Fed Chair Jerome Powell, even as the probe has complicated the confirmation of Powell’s potential successor, Kevin Warsh.

The inquiry centers on cost overruns and Powell’s prior testimony before Congress regarding the project.

However, in a recent court hearing, a deputy from Pirro’s office acknowledged that investigators had not found evidence of criminal wrongdoing.

An attorney for the Federal Reserve, Robert Hur, noted in correspondence that a federal judge had described the prosecutors’ interest in the project as “pretextual.”

Meanwhile, Senator Thom Tillis has said he will oppose Warsh’s nomination unless the investigation is dropped.