As Trump threatened to fire Powell, federal prosecutors showed up unannounced at the Federal Reserve building

Key Points:

• Federal prosecutors from U.S. Attorney Jeanine Pirro's office made an unannounced visit to the Federal Reserve headquarters construction site, which is under investigation for a $2.5 billion renovation project, but were turned away by contractors and referred to Fed attorneys.
• The investigation has found no evidence of a crime so far and has faced bipartisan opposition, delaying Senate consideration of Kevin Warsh, President Trump's nominee to replace Fed Chair Jerome Powell.
• The probe centers on cost overruns in the Fed's renovation project, which have increased from an estimated $1.9 billion in 2022 to $2.5 billion currently, and has been criticized as a pretext to undermine the Fed's independence.
• President Trump has threatened to fire Powell if he remains on the Fed's governing board after his chair term expires on May 15, while Powell has stated he will not leave amid the investigation.
• Senate Banking Committee member Sen. Thom Tillis has linked his refusal to vote on Fed nominees to the continuation of the investigation, further stalling appointments.