Thune says DOJ should wrap up Powell probe

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Senate Majority Leader John Thune said Wednesday that he believed the Justice Department should wind down its investigation into Federal Reserve Chair Jerome Powell, noting that it’s a roadblock to getting his successor, Kevin Warsh, confirmed.

“I think it’s in everybody’s best interest to wrap up the investigation,” Thune told reporters.

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Thune added that he had made that case privately to the administration but noted that those conversations had not taken place recently.

Thune’s comments come after prosecutors under U.S. Attorney Jeanine Pirro, whose office is leading the investigation into Powell, reportedly tried to visit the Federal Reserve’s headquarters renovation project.

The investigation has emerged as a significant barrier for getting Warsh confirmed to succeed Powell as Fed chair. Sen. Thom Tillis has said he would oppose Warsh’s confirmation until either the investigation is wrapped up or Pirro proves she has evidence of wrongdoing. The retiring North Carolina Republican is a senior member of the Banking panel, which advances Fed nominees. Because of the GOP’s narrow margin on the committee, Warsh needs Tillis’ vote to get confirmed.

Tillis reacted Tuesday night to the news of prosecutors trying to visit the Fed’s renovation by posting a photo of the Three Stooges on X.

“The U.S. Attorney’s Office for D.C. at the crime scene,” Tillis said in the social media post.

Thune added Wednesday that Republicans are “excited” about Warsh’s nomination but that they can’t move his nomination yet because of the standoff over the Powell investigation. Warsh is set to appear before the Banking Committee next Tuesday for his confirmation hearing.

“I think at some point they’re going to have to deal with the committee, and they’re going to have to deal with Tillis,” Thune said of the administration.

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