Prosecutors seek access to Federal Reserve building as Trump threatens to fire Powell

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 with cost overruns.
• The visit was blocked by a building contractor and referred to Fed attorneys, who warned prosecutors that their interest was deemed "pretextual" by a federal judge and that proper legal channels must be followed.
• The investigation, supported by President Trump, focuses on possible incompetence or corruption related to the project's cost overruns, and has delayed the confirmation of Trump’s nominee to replace Fed Chair Jerome Powell.
• Senator Thom Tillis has pledged to block the nomination of Kevin Warsh as Fed chair until the investigation ends, contributing to a partisan deadlock in the Senate Banking Committee.
• Trump has threatened to fire Powell if he remains on the Fed board after his chair term expires, amid ongoing legal disputes over the president’s authority to remove Fed governors and concerns over the Fed’s independence.