DOJ ends Jerome Powell probe, easing Senate Fed standoff

Cate Martel

The Hill

0
yesterday

DOJ ends Jerome Powell probe, easing Senate Fed standoff

Happy Friday!! The White House posted a hilarious photo of a little boy in the Oval Office. This is exactly how I feel, kid. Oh, and happy White House Correspondents’ Association dinner weekend!

DOJ drops Jerome Powell criminal investigation

Iran war depletes U.S. weapon stockpile

Netanyahu reveals cancer diagnosis

Trump’s floated Spirit Airline bailout irks GOP

Fox poll: Majority don’t think Trump has ‘mental soundness’

Trump administration drops the Jerome Powell investigation:

The Department of Justice (DOJ) announced today that it is dropping its criminal investigation into the Federal Reserve and its chair Jerome Powell.

What was the DOJ investigating?: The costly renovations for the Fed’s headquarters.

Why the DOJ was motivated to do so: An ongoing criminal investigation would continue to delay the confirmation process for Trump’s nominee to be the next Fed chair, Kevin Warsh. Closing the case could clear the way for Warsh to be confirmed by the Senate in the coming days.

Timing: Powell’s term ends on May 15. However, the Federal Reserve chair typically does not step down until a replacement is confirmed. Today’s announcement could put that timing back on track.

Is this saga over for Powell?: Well, U.S. Attorney for the District of Columbia Jeanine Pirro said in a statement that she asked the Fed inspector general to investigate Powell and the Fed renovations.

💬 Follow today’s live blog

This conflict is depleting the military’s weapon stockpile:

The military operation in Iran has burned through a significant amount of the U.S.’s weapon supply, according to The New York Times.

Specifically: “Since the Iran war began in late February, the United States has burned through around 1,100 of its long-range stealth cruise missiles built for a war with China, close to the total number remaining in the U.S. stockpile. The military has fired off more than 1,000 Tomahawk cruise missiles, roughly 10 times the number it currently buys each year. The Pentagon used more than 1,200 Patriot interceptor missiles in the war, at more than $4 million a pop, and more than 1,000 Precision Strike and ATACMS ground-based missiles, leaving inventories worrisomely low, according to internal Defense Department estimates and congressional officials.”

Why this matters: “The drawdowns have left these regional commands less ready to confront potential adversaries like Russia and China, and it has forced the United States to find ways to scale up production to address the depletions.”

Read the NYT reporting: ‘Iran War Has Drained U.S. Supplies of Critical, Costly Weapons’

➤ NETANYAHU WAS TREATED FOR PROSTATE CANCER:

Israeli Prime Minister Benjamin Netanyahu revealed this morning that he had been treated for early-stage prostate cancer and delayed the release of his annual medical report for two months because of the war in Iran. 🔎 Read Netanyahu’s announcement

What is irking conservatives today: Trump’s plan to bail out Spirit Airlines:

President Trump floated a plan this week to bail out Spirit Airlines. The Hill’s Julia Manchester reports that conservatives very much oppose this idea, worrying about the government’s involvement in businesses.

Some notable conservatives who publicly oppose Trump’s plan: Sen. Ted Cruz (R-Texas) says he thinks it’s a “terrible idea.” Sen. Tom Cotton (R-Ark.) says it’s “not the best use of taxpayer dollars.” Sen. Mike Lee (R-Utah) argues that “Americans shouldn’t be on the hook for another failing business as its competition thrives.”

The possible agreement: The U.S. government would loan Spirit Airlines as much as $500 million. In return, it would take a big stake in the company, per The Wall Street Journal.

This wouldn’t be the first time: The government acquired roughly 10 percent of Intel’s shares last year.

Read Manchester’s reporting: ‘Trump faces conservative blowback over Spirit Airlines rescue’

Why Democrats are reading Fox News:

55 percent of voters do not think President Trump has the “mental soundness” to serve as president, according to a new Fox News poll. That’s 7 points higher than late 2024.

For comparison: 65 percent of voters thought former President Biden did not have the mental soundness to be president right around the time he dropped out of the 2024 presidential race.

Criticism for the Trump administration as a whole: 56 percent of voters polled think the Trump administration “has not been competent at managing the federal government.”

— The U.S. collected 186 percent more tariff revenue in 2025 because of the Trump tariffs, according to a Politico tracker. The Trump administration is issuing refunds, but those refunds are only going to businesses, not consumers, even though consumer prices rose.

— Meta is cutting 10 percent of its workforce while it invests billions into AI.

The Washington Post: The unflattering secrets revealed so far in Elon Musk’s latest legal feud

The New York Times: A New Worry for Republicans: Latino Catholics Offended by Trump

The Hill: Democrats worry they may be taking the wrong lesson from recent wins

The Wall Street Journal: Inside the Navy Secretary’s Last-Ditch Bid to Save His Job

The House and Senate are out. President Trump is in Washington and leaves for Florida this afternoon. (All times EDT)

2 p.m.: Trump participates in an Oval Office policy meeting.

Later this afternoon: Trump travels to Palm Beach, Fla.

7:30 p.m.: Trump attends the Republican National Committee spring retreat in Palm Beach.

Noon Saturday: Trump speaks at a closed press crypto conference in Palm Beach, then flies back to Washington.

Saturday: Former Secretary of State Hillary Clinton (D) speaks at the McIntyre-Shaheen 100 Club Dinner in New Hampshire.

8 p.m.: The annual White House Correspondents’ Association dinner. Trump and first lady Melania Trump 💻 WHCA dinner livestream

3 p.m. Monday: The Senate returns. 📆 Today’s agenda

🌭 Celebrate: Today is National Pigs-in-a-Blanket Day!

📵 Could you switch to a flip phone for a month?: The Atlantic’s Kaitlyn Tiffany writes about the “month offline” challenge. That means giving up your smartphone for an entire month. Could you do it? Read more: ‘The Flip-Phone Cleanse’

👗 Nerd Prom weekend: Here’s a list of parties happening in Washington this weekend to celebrate the White House Correspondents’ Association dinner.

It’s almost the weekend, so let’s keep the vibes high. Enjoy spying on this dog and its absolute favorite toy, the snowblower.

📺 Miss the previous issue of this newsletter? Catch up with a 1-minute video.

I love hearing from you — send your feedback, tips and favorite cookie recipes to cmartel@thehill.com. Check out more newsletters here. See you next time!

Thank you for signing up!

Subscribe to more newsletters here

More 12:30 Report News

Senators to introduce Hot Rotisserie Chicken Act for SNAP recipients

Hegseth gives 2 questions to TMZ at Operation Epic Fury briefing

GOP senators ratchet up pressure on Speaker Johnson to quickly end DHS shutdown

2 GOP senators break ranks on final Senate budget vote

Israel’s Netanyahu reveals cancer diagnosis

4 GOP senators vote against adding SAVE America Act to budget package

‘Flashing red’ warning signs for GOP put Senate in play

Hegseth responds to pope’s criticism: ‘We know what authority we have’

Pentagon fires Stars and Stripes’s independence watchdog

Trump’s decline is an emergency: Why doesn't Congress treat it like one?

DOJ drops criminal probe of Fed, Jerome Powell

India knocks disparaging post shared by Trump

2 Republicans break with party as GOP defeats budget amendment to lower health ...

Republican proposes giving part of Virginia back to DC after redistricting loss

5 takeaways from first major California governor’s debate after Swalwell exit

Colbert says he won’t attend correspondents’ dinner, asks why ‘many ...

Democrats worry they may be taking the wrong lesson from recent wins

Navy secretary’s removal points to Trump’s anxiety over shipbuilding

© The Hill

visit website

Popular

© The Hill