Story perspectives

DOJ Ends Powell Probe; Trump Vows to Fire Chair

4/24/2026

Summary

Story summary

Attorney Jeanine Pirro said Justice Department closed its probe of Fed Chair Jerome Powell and referred $2.5 billion renovation issue to the Federal Reserve’s (Fed) inspector general.
Judge James Boasberg ruled on March 11 prosecutors presented no evidence, dismissing the subpoenas.
Senator Thom Tillis will back Fed chair Kevin Warsh’s nomination after DOJ ends Powell probe.
President Donald Trump warned he would fire Powell if he does not resign after probe ends.

History

Historical Context

The 1978 Humphrey-Hawkins Full Employment Act, sponsored by Rep. Augustus Hawkins and Sen. Hubert Humphrey, forced the Fed chair to report to Congress, producing roughly 12,000 pages of data at a $3 million cost by 1980. The DOJ’s 2024 closure of the probe into Chair Jerome Powell, upheld by Judge James Boasberg and backed by Sen. Thom Tillis, reignites the long-standing debate over central-bank independence.

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Story summary

Attorney Jeanine Pirro said Justice Department closed its probe of Fed Chair Jerome Powell and referred $2.5 billion renovation issue to the Federal Reserve’s (Fed) inspector general.
Judge James Boasberg ruled on March 11 prosecutors presented no evidence, dismissing the subpoenas.
Senator Thom Tillis will back Fed chair Kevin Warsh’s nomination after DOJ ends Powell probe.
President Donald Trump warned he would fire Powell if he does not resign after probe ends.

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