Trump Administration Pressure on Institutions

Two federal prosecutors and an investigator from U.S. Attorney Jeanine Pirro's office showed up unannounced this week at the Federal Reserve's Washington headquarters construction site and were turned away by contractors and referred to Fed counsel, according to multiple outlets. The visit was part of a Trump-era Justice Department probe into cost overruns on the $2.5 billion renovation, a matter the president has repeatedly seized on while publicly threatening to remove Fed Chair Jerome Powell if Powell does not step down when his chair term expires on May 15, 2026. Powell has said he will remain as chair "pro tem" and on the Fed Board through 2028 if necessary; meanwhile, Kevin Warsh's nomination to succeed him has been delayed and faces a Senate blockade from Sen. Thom Tillis until the DOJ investigation is resolved.