Story perspectives

DOJ Ends Fed Cost-Overrun Probe; Warsh Confirmation Looms

4/26/2026

Summary

Story summary

April 24, Justice Department said it is closing the probe of Federal Reserve (Fed) Chair Jerome Powell’s cost overruns.
Senator Thom Tillis will vote to confirm Kevin Warsh after Justice Department assurances.
The Senate Banking Committee, 13-11 Republican-Democrat, will hold a Wednesday vote on Warsh.
President Donald Trump’s nominee Kevin Warsh, a Fed governor, pledged independence if confirmed.
Federal Reserve Inspector General Michael Horowitz will continue reviewing the renovation costs.

History

Historical Context

Congress passed the 2010 Dodd-Frank Act—an 848-page law that added a Vice Chairman for Supervision to the Federal Reserve and mandated semiannual Inspector General reports to the Senate Banking Committee. That transparency framework underlies the 2024 Justice Department move to end the probe of Chair Jerome Powell’s renovation costs, reinforcing congressional leverage over Fed budgeting.

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Story summary

April 24, Justice Department said it is closing the probe of Federal Reserve (Fed) Chair Jerome Powell’s cost overruns.
Senator Thom Tillis will vote to confirm Kevin Warsh after Justice Department assurances.
The Senate Banking Committee, 13-11 Republican-Democrat, will hold a Wednesday vote on Warsh.
President Donald Trump’s nominee Kevin Warsh, a Fed governor, pledged independence if confirmed.
Federal Reserve Inspector General Michael Horowitz will continue reviewing the renovation costs.

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