Don’t beat yourself up, Jeanine. You tried.
On Friday, a plainly peeved Jeanine Pirro announced the Justice Department’s dropping its investigation into Jerome Powell.
Pirro, another Fox character-turned administration enforcer, enthusiastically pursued a crusade no one else save Bill Pulte wanted to touch: An indictment of a sitting Fed chair in connection with cost overruns tied to a renovation project at the central bank’s D.C. headquarters.
The soap opera began last summer, when Pulte and Russ Vought cooked up a scheme aimed at pressuring Powell to resign over allegations he misled Congress about the specifics of the renovation.
It was absurd even as Trump schemes go, but it at least produced one memorably hilarious moment when, after touring the construction site with Powell, the two men, both wearing hardhats, got into an argument on live television.

Abject farce took a turn for dark comedy on January 11, when Powell said the Fed was served grand jury subpoenas threatening a criminal indictment. In connection with the announcement, Powell released a video address to the nation accusing Trump of politicizing monetary policy.
Since then, Powell’s been unflappable, which is to say defiant. Last month, during his post-FOMC press conference, he told the media he has no intention of resigning as Fed chair before his term ends in May, and will base his decision on whether to serve out his remaining tenure on the Board “on what I think is best for the institution and the people we serve.”
Thanks to retiring GOP Senator Thom Tillis, who pledged to block Kevin Warsh’s otherwise-assured nomination unless and until Trump gave up the Powell witch hunt, Pirro finally threw in the towel.
“This morning the Inspector General for the Federal Reserve has been asked to scrutinize the building costs overruns,” she said. “I have directed my office to close our investigation as the IG undertakes this inquiry.”
She was quick to add that if she’s in any way unsatisfied with the thoroughness of the IG’s report, or if that report suggests charges are merited, she “won’t hesitate to restart a criminal investigation.”
There are two takeaways. First, and most obviously, Warsh’s confirmation will probably proceed now. His hearing this week went about as well as could be expected: Democrats demonized him and the GOP suggested he’s a paragon of virtue.
Second — and maybe this is something the likes of Tillis should consider before they green-light ol’ Kevin — passing this to the IG isn’t the same thing as clearing Powell. Trump will probably try to keep this card in case he needs to play it in the course of forcing Powell off the Board later this year.


Massive reduction in OIG staff at Treasury should ensure that investigation goes nowhere fast.
I hope Powell stays on the board.
+1.
Powell should leave the board no sooner than next January, when there is the possibility of maga in retreat.
Warsh is qualified but is he wise? Shrinking the balance sheet to lower rates is not crazy, but regulation will need to change to keep liquidity in markets. That implies lower capital requirements and more financial risk.
Pirro needs to lay off the booze. It is amazing how many alcoholics and drug addicts are in senior positions in this administration. The liquor cabinet…
It would never happen, but gods what great TV it would make if Powell pulled a Leo from Wolf of Wall Street, threw his hands up ‘day of’ and proclaimed, “I’M NOT LEAVING!”