For months, Trump has waged an unusually aggressive campaign against Powell — publicly demanding steep interest rate cuts and at times threatening to try to remove Powell before his term expired. This culminated when the Justice Department launched a criminal investigation into Powell over brief congressional testimony last summer connected to a $2.5 billion office renovation at the central bank. Powell also said that he wouldn’t step down from the Fed until after the Justice probe is finished. A request for comment by the White House was not returned. U.S. Attorney Jeanine Pirro, a close ally of Trump, said the Justice Department would appeal the ruling — brushing off concerns that the inquiry could delay Warsh’s confirmation.

Source: Washington Post March 19, 2026 01:02 UTC