Federal Prosecutors' Unannounced Visit to Federal Reserve Raises Questions Amid Ongoing Investigation

Federal prosecutors from U.S. Attorney Jeannine Pirro's office made an unannounced visit to the Federal Reserve's headquarters on Tuesday, seeking to inspect the ongoing $2.5 billion renovation project. The officials were turned away after requesting a "tour" to "check on progress" of the renovations.

This visit comes amid Pirro's investigation into Federal Reserve Chair Jerome Powell's congressional testimony regarding the renovation project. The probe has faced setbacks, including a ruling by U.S. District Judge James Boasberg, who quashed subpoenas issued to the Federal Reserve, stating that the government had produced "essentially zero evidence to suspect Chair Powell of a crime."

In response to the prosecutors' visit, Robert Hur, the Federal Reserve's outside counsel, referenced Judge Boasberg's ruling, advising Pirro's office to pursue any challenges through appropriate legal channels rather than attempting unsanctioned inspections.

Pirro defended her office's actions, citing the project's significant cost overruns as justification for further scrutiny.

The timing of the visit coincides with the Senate Banking Committee's upcoming confirmation hearing for Kevin Warsh, President Donald Trump's nominee to succeed Powell as Federal Reserve Chair. Senator Thom Tillis has indicated he will oppose advancing Warsh's nomination until the Justice Department concludes its investigation into Powell and the renovation project.

The Justice Department has not provided further comments on the status of the investigation.