Story perspectives

DOJ Ends Powell Probe, IG Reviews $2.5 B Overruns

4/24/2026

Summary

Story summary

U.S. Justice Department ended its criminal probe of Federal Reserve (Fed) Chair Jerome Powell on April 24, 2026.
U.S. Attorney Jeanine Pirro closed the probe and ordered the Fed’s inspector general to review cost overruns from $1.9 billion to $2.5 billion.
Inspector General Michael Horowitz, who has audited the project twice, will conduct a new review.
Senator Thom Tillis (R-NC) said he will support Kevin Warsh’s confirmation, who pledged central bank independence.

History

Historical Context

The 2008 crisis peaked with Lehman Brothers’ September 15 bankruptcy, prompting the Federal Reserve and Treasury to launch emergency measures like the $700 billion TARP program. Congress answered with the 2010 Dodd-Frank Act to tighten Fed and bank oversight. The Justice Department’s April 24 2026 closure of the probe into Fed Chair Jerome Powell reflects lingering demand for accountability from that turmoil.

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Story summary

U.S. Justice Department ended its criminal probe of Federal Reserve (Fed) Chair Jerome Powell on April 24, 2026.
U.S. Attorney Jeanine Pirro closed the probe and ordered the Fed’s inspector general to review cost overruns from $1.9 billion to $2.5 billion.
Inspector General Michael Horowitz, who has audited the project twice, will conduct a new review.
Senator Thom Tillis (R-NC) said he will support Kevin Warsh’s confirmation, who pledged central bank independence.

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