Pirro deputy admits feds couldn’t find criminal evidence against Powell

An assistant U.S. Attorney acknowledged to a federal judge earlier this month that the Justice Department had no criminal evidence against Federal Reserve Chair Jerome Powell.

Andrew Massucco, a deputy to U.S. Attorney for the District of Columbia Jeanine Pirro, made the admission to Judge James Boasberg on March 3, according to a sealed transcript of the hearing that was reviewed by The Associated Press.

Federal prosecutors sought a subpoena from a grand jury to probe Powell’s statements to the Senate Banking Committee on a $2.5 billion renovation of the Fed’s headquarters. President Trump, who has pressured Powell to lower interest rates, has suggested there was criminality tied to the project.

The cost of renovating the headquarters was originally expected to be $1.9 billion according to a 2022 estimate.

“So what false statements did (Powell) make before Congress?” Boasberg asked Massucco, according to the AP.

“Well, we don’t know is my first answer. However, there are certain areas that he addressed that caused concern,” Massucco said.

Boasberg then asked about the DOJ’s evidence of fraud or criminal misconduct.

“Again, we do not know at this time. However, there are 1.2 billion reasons for us to look into it,” Massucco said.

The U.S. attorney’s office alleged there were “possible discrepancies” associated with the projected cost in previous court filings but did not specify concerns, according to The Washington Post, which first reported on the closed-door court hearing.

The Fed’s attorneys cited previous government-led renovation projects in which final costs were double their initial projected price point.

Robert Hur, an attorney for the Fed, said the investigation was sparked by “political motives.”

Boasberg on March 11 dismissed the Justice Department’s subpoenas request, citing “zero evidence” of wrongdoing presented by prosecutors.

“A mountain of evidence suggests that the Government served these subpoenas on the Board to pressure its Chair into voting for lower interest rates or resigning,” the judge wrote in his ruling.

Pirro has pledged to appeal the decision. The Powell probe has currently stalled the Senate confirmation of his replacement, Kevin Warsh.

Powell’s term expires on May 15, but he has vowed to remain in the position until his successor is confirmed. He has also said that he won’t leave the Fed’s board of governors until the criminal investigation is concluded.

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