DOJ drops criminal probe into Fed chair Jerome Powell

What they're saying: "I have directed my office to close our investigation as the IG undertakes this inquiry," the U.S. attorney for the District of Columbia, Jeanine Pirro, wrote on X.

• "This morning the Inspector General for the Federal Reserve has been asked to scrutinize the building costs overruns – in the billions of dollars – that have been borne by taxpayers," Pirro wrote.
• "The IG has the authority to hold the Federal Reserve accountable to American taxpayers. I expect a comprehensive report in short order and am confident the outcome will assist in resolving, once and for all, the questions that led this office to issue subpoenas."

Flashback: Powell disclosed in January that he received subpoenas seeking records related to the central bank's multibillion-dollar building renovations.

• The government was examining whether Powell had committed fraud and lied to Congress about those renovations.