Pirro drops Powell case

Another skin off the wall for our legal eagles in DC. Perhaps just clearing man hours for the upcoming Obama indictment?

Good get Warsh confirmed JPow out then deal with it

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Holding up Trump's fed chair nominee unless the investigation was dropped.

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What is there to investigate?

How does it feel knowing the founding fathers were deathly afraid of people like you voting just as much as the thought of slaves one day voting. To be clear by you I mean the poorly educated and ill informed

Hard to claim political bias on information requests from the IG to stonewall, which then will have those documents out of the hands of the Fed, which makes them something that can then be requested by the IG to the DOJ.

All this does is force Powell to retire after his term is over now because either the IG writes a whitewash report and he walks into retirement, or if he signals he won't leave at the end of the term, the IG will have a more aggressive finding, and the DOJ now has the information that can easily be pulled from the IG.

I never really understood why people care about renovations to the Fed building because the Fed is self-funded, meaning taxpayers don't have to foot the bill for anything they do. Also, what did Powell have to gain from renovations to the Fed building?

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Tillis needs to be investigated for what?


Holding up Trump's fed chair nominee unless the investigation was dropped.

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Good. It was a weak case. Not a fan of Powell and think Trump made the right choice with his nominee. However, this prosecution was causing more problems than it was worth. It was holding up Warsh's appointment. Another crap case Bondi put together.

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because the Fed is self-funded, meaning taxpayers don't have to foot the bill for anything they do

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That is an unfortunate fallacy.
It's a popular contention. But it is false.

The Fed buys and sells U.S. Treasury debt obligations (and mortgage-backed securities) on the open market. That is the Fed’s largest source of income, and the source of the claim you and others make re: "taxpayers don't have to foot the bill."

However, the treasury has to make payouts on those debt obligations. The source of the money for the payouts? THE TAXPAYER is the source!

Further, the Fed is allowed to retain surpluses from its transactions, but the size of that account is capped at just over $6.8B. Any surplus revenue beyond that cap has to be remitted back to the treasury. So up until the last decade or so, money flowed from the Fed back to the Treasury. However, under Powell, the Fed is now losing money.

You would think it would then have to begin to deplete its surplus $6.8B fund.
NOPE!

Instead, The Fed keeps it's own money, and gives Congress a "deferred asset" IOU. It functions exactly like an interest-free loan from the U.S. Treasury to the Federal Reserve. Which translates to even further taxpayer expense. We have to borrow money, to give it to the Fed tax-free

To give you a general sense as to numbers, Fed remittances to Congress ran in the $80-100+B/yr range thru 2021. However, by 2022 the Fed was losing money (expenses outstripped revenue). Deferred assets have been in play every year since. That tally is now up to a $243 billion interest-free taxpayer provided loan. Obviously the obscene refurb project is part of that.