Justice Department Probes Fed Chair Amid Senate Standoff Over Subpoenas
-The U.S. Department of Justice has opened an investigation into Federal Reserve Chair Jerome Powell over
alleged cost overruns tied to renovations at the Federal Reserve’s headquarters,
according to recent disclosures.
In a separate case, the Justice Department is also examining Federal Reserve Governor Lisa Cook in connection with—
allegations of mortgage-related misconduct.U.S. Senator Thom Tillis,
who is set to retire at the end of his term next January, stated that he will continue blocking certain Senate actions—
regardless of whether the Justice Department agrees to drop the investigation in exchange for Powell stepping down as chair.
Even if Powell were to relinquish the chairmanship, he would still be eligible to remain on the Federal Reserve Board as a governor for an additional two years.
Tillis emphasized that the only resolution he would accept during the remainder of the current congressional session would be either a clear de-escalation or a formal adjudication of the matter.
He added that, under similar circumstances, he would personally choose to stay on the board for the remaining term.
The senator also criticized the handling of the subpoenas, arguing that they were issued without adequate consultation and that decision-makers failed to coordinate with senior lawmakers before moving forward.
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