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The Justice Department is ending a controversial investigation into building-renovation cost overruns at the Federal Reserve, potentially clearing a path to confirmation for Kevin Warsh, President Donald Trump’s pick to be the next chair of the central bank. 

Jeanine Pirro, US Attorney for the District of Columbia, said in a social media post Friday the Fed’s Office of Inspector General had been asked to scrutinize the cost overruns. She said she expects a report soon on the findings. 

“I have directed my office to close our investigation as the IG undertakes this inquiry,” Pirro said in the post. “Note well, however, that I will not hesitate to restart a criminal investigation should the facts warrant doing so.” 

The Fed’s OIG is already conducting a review of the renovation of the central bank’s headquarters, which it opened last year at the request of Fed Chair Jerome Powell. US Treasuries edged slightly higher following the announcement, with shorter-dated notes leading gains as some traders bet a Warsh-led Fed would be more inclined to cut interest rates. The two-year yield fell five basis points to 3.78%. 

The White House said in a statement “American taxpayers deserve answers about the Federal Reserve’s fiscal mismanagement, and the Office of the Inspector General’s more powerful authorities best position it to get to the bottom of the matter.” 

Today’s show features: 
Michael McKee, Bloomberg News International Economics & Policy Correspondent 
Grindr CEO George Arison on earnings and the company sponsoring the White House Correspondent Dinner Event 
Joshua Green, Bloomberg Businessweek National Correspondent, on Thomas Massie Gaining Ground with MAGA Base 
Ian King, Bloomberg News US Semiconductor Reporter on Intel and Texas Instruments 
Barbara Humpton, CEO at USA Rare Earth

The people, companies and trends shaping the global economy.&nbsp;
Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF&nbsp;
The Justice Department is ending a controversial investigation into building-renovation cost overruns at the Federal Reserve, potentially clearing a path to confirmation for Kevin Warsh, President Donald Trump&rsquo;s pick to be the next chair of the central bank.&nbsp;
Jeanine Pirro, US Attorney for the District of Columbia, said in a social media post Friday the Fed&rsquo;s Office of Inspector General had been asked to scrutinize the cost overruns. She said she expects a report soon on the findings.&nbsp;
&ldquo;I have directed my office to close our investigation as the IG undertakes this inquiry,&rdquo; Pirro said in the post. &ldquo;Note well, however, that I will not hesitate to restart a criminal investigation should the facts warrant doing so.&rdquo;&nbsp;
The Fed&rsquo;s OIG is already conducting a review of the renovation of the central bank&rsquo;s headquarters, which it opened last year at the request of Fed Chair Jerome Powell. US Treasuries edged slightly higher following the announcement, with shorter-dated notes leading gains as some traders bet a Warsh-led Fed would be more inclined to cut interest rates. The two-year yield fell five basis points to 3.78%.&nbsp;
The White House said in a statement &ldquo;American taxpayers deserve answers about the Federal Reserve&rsquo;s fiscal mismanagement, and the Office of the Inspector General&rsquo;s more powerful authorities best position it to get to the bottom of the matter.&rdquo;&nbsp;
Today&rsquo;s show features:&nbsp;
<ul>
<li>Michael McKee, Bloomberg News International Economics &amp; Policy Correspondent&nbsp;</li>
<li>Grindr CEO George Arison on earnings and the company sponsoring the White House Correspondent Dinner Event&nbsp;</li>
<li>Joshua Green, Bloomberg Businessweek National Correspondent, on Thomas Massie Gaining Ground with MAGA Base&nbsp;</li>
<li>Ian King, Bloomberg News US Semiconductor Reporter on Intel and Texas Instruments&nbsp;</li>
<li>Barbara Humpton, CEO at USA Rare Earth</li>
</ul>

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Listen for reporting from the magazine that helps global leaders stay ahead. Hosts Carol Massar and Tim Stenovec bring you insight on the people, companies and trends shaping today's complex economy.&nbsp; You can watch and listen to Businessweek LIVE on YouTube, weekdays from 2PM to 5PM ET: <a href="http://bit.ly/3vTiACF">http://bit.ly/3vTiACF</a>.&nbsp;

Carol Massar and Tim Stenovec bring together the latest news from the world of business and finance and the interesting stories of global technology, politics, economics and more by harnessing the power of Bloomberg Businessweek reporters and editors.

Bloomberg Businessweek

DOJ Drops Powell Probe, Smoothing Path for Warsh to Lead Fed

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/2cacdb64-fc16-4af2-9632-b4360171900b/transcript