Warren & Durbin Demand Answers on Fed Probe

0:00On April 25th, Sen. Elizabeth Warren and Dick Durbin fired off a letter to Jeanine Piro, the U.S. attorney for the District of Columbia and former Fox News host, demanding answers on her threat to reopen a criminal probe into Federal Reserve chair Jerome Powell. They also want to know if Fed Governor Lisa Cook is still under investigation. Piro recently paused her office's look into Fed building cost overruns, handing it to the Inspector General, but Warren she could restart the criminal case anytime. The facts warn it. This comes amid President Trump's push to house Powell and Cook, whom he sees as roadblocks to slashing interest rates, even with inflation risks. Trump wants replacements more aligned with his economic vision, and these probes smell like political pressure to clear the path. Democrats like Warren and Durbin slam the move, saying the investigation should stay shut with no basis to revive them. They argue it opens the door for baseless attacks on Fed leaders whenever it's politically convenient, undermining the central bank's independence.

1:02Follow-up shows the Justice Department dropped his criminal probe, but White House Press Secretary Caroline Levitt insisted continues under the Fed's Inspector General. Meanwhile, they're pressing Senator Tom Tillis to fast-track Trump's pick, Kevin Worsh, for the top Fed spot now that the heat's off Powell. Tensions like these highlight the high stakes battle over who controls the economy, and will keep watching how it shakes out for everyday wallets.