S en. Thom Tillis will vote against Kevin Warsh's nomination as Federal Reserve chair until the investigation into the central bank's headquarters renovation is dropped. With the Senate Banking Committee closely divided on partisan lines, Tillis' opposition is enough to block Warsh's confirmation.
Related Brief 2h ago
monetary policy Federal Reserve Chairman Jerome Powell's term term ends May 15
President Donald Trump has threatened to fire Jerome Powell if he does not step down when his term as chair ends May 15. The move comes after a series of confrontations between the administration and the Federal Reserve. U.S. attorneys from the Washington D.C. office have been leading a criminal probe into Powell, which focuses on Powell's testimony to Congress regarding cost overruns in a multibillion-dollar multibillion-dollar office renovation project. The investigation seeks to determine if public money was wasted and if Powell Powelly made false statements to Congress. U.S. Attorney Jeanine Pirro, citing an 80% cost overrun, stated the project deserves review. Chief Judge James Boasberg, however, ruled that the DOJ's probe was driven by President Donald Trump's political animus toward Powell, and effectively blocked the investigation. Following this ruling, DOJ prosecutors Carlton Davis and Steven Vandervelden, and a case agent, made an unannounced visit to the Fed's construction site to request a tour. Fed management denied them access to the site without preauthorized clearance. The prosecutors were turned away. President Donald Trump has again threatened to fire Powell if he does not step not step down when his term as chair ends May 15.
The investigation, conducted by U.S. Attorney Jeanine Pirro's office, centers on cost overruns for a $2.5 billion renovation project. Current estimates are $600 million higher than a 2022 estimate of $1.9 billion. The probe also examines testimony given by Chair Jerome Powell last summer regarding the project.
Related Brief 1d ago
monetary policy One rate cut is all that's left on the table as inflation shocks and political pressure collide at the Fed
One rate cut is all that remains within reach for the Federal Reserve this year, and even that is uncertain. Inflation pressures from a global supply shock — triggered by the six-week Iran conflict — have already pushed U.S. consumer prices to their fastest rise in nearly four years, driven by a record surge in gasoline and diesel. Crude oil prices have jumped more than 30%, feeding directly into household budgets and hardening inflation expectations. Short-term inflation expectations have ticked up, and the Fed, meeting in March, held its benchmark rate steady in the 3.50% to 3.75% range. Still, a majority of policymakers signaled at least one cut could be appropriate in 2024. Former Treasury Secretary Janet Yellen, speaking at the HSBC Global Investment Summit in Hong Kong, said that if she were attending the next FOMC meeting, she would write down one cut — later in the year — as her best guess. Yet markets have moved even further away from that view: traders have now priced out any chance of a 2024 cut, reversing earlier bets on two. The shift reflects not just inflation but growing concern over political interference. Former President Donald Trump has launched an aggressive campaign to pressure the Fed, criticizing Chair Jerome Powell and pushing to replace him with Kevin Warsh, whom Trump believes would deliver steep rate cuts. Trump has also targeted the Fed’s headquarters renovation, sending prosecutors from Jeanine Pirro’s office to inspect the project over cost concerns. Yellen, who chaired the Fed from 2014 to 2018, called the level of political pressure unprecedented, describing it as a threat to the central bank’s independence. With inflation limiting monetary flexibility and political forces testing institutional boundaries, the path to easier policy has narrowed to a single, fragile possibility.
Two prosecutors and an investigator from Pirro's office attempted an unannounced visit to the construction site this week. They were turned away by a building contractor and referred to Fed attorneys. U.S. District Judge James Boasberg previously concluded that the prosecutors' interest in the renovation project was pretextual. A top deputy from Pirro's office conceded in a closed-door hearing last month that they had found no evidence of a crime.
Related Brief Just now
social security Net worth does not increase Social Security benefits
A person's net worth does not influence the amount of their Social Security check. The Social Security Administration calculates benefits based on the highest 35 years of income earned and used to pay SSA taxes. Net worth, the total of assets and investments minus liabilities, is not based on income. Larry David, with an estimated net worth of $400 million, remains subject to these same calculations. The average Social Security check in January 2026 was $2,071. If Larry David retired at age 70, he would receive the maximum check of $5,181 in 2026. If he retired at 67, the maximum check would be $4,152.
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