Justice Department Drops Criminal Probe Into Fed Chair Powell
The Justice Department has ended its criminal investigation into Federal Reserve Chair Jerome Powell regarding a renovation project at the Fed's headquarters. This decision clears the way for Trump's nominee Kevin Warsh to advance toward Senate confirmation for the Fed chair role.
Investigation Closed, Clearing Path for Warsh
The Justice Department dropped a criminal investigation into the Federal Reserve and its chair, Jerome Powell, on Friday regarding a renovation project at the central bank's Washington headquarters.
Implications for Fed Leadership
The decision could clear the way for Trump's nominee to chair the Fed, Kevin Warsh, to advance toward a confirmation vote in the Senate. The Senate Banking Committee will hold a hearing on his nomination next week.
Oversight Concerns Remain
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.