Overview
- Jerome Powell said he has no intention of leaving the Federal Reserve Board until the Justice Department investigation is “well and truly over” and pledged to serve as chair pro tempore if no successor is confirmed when his term ends in May.
- U.S. District Judge James Boasberg quashed DOJ subpoenas tied to the probe and wrote that the government produced essentially zero evidence, but U.S. Attorney Jeanine Pirro has appealed.
- President Donald Trump publicly backed the investigation, a stance that increases the likelihood of further delays in confirming his nominee, former Fed governor Kevin Warsh.
- Sen. Thom Tillis, a Republican on the Senate Banking Committee, is blocking action on Fed nominees until the probe is dropped, effectively stalling Warsh’s confirmation process.
- Powell’s chair term ends this spring but his governor term runs to January 2028, and separate scrutiny of Warsh intensified as Sen. Elizabeth Warren sought details about his past interactions with Jeffrey Epstein.