Justice Department drops criminal probe of Fed chair Powell, likely clearing the way for Warsh
The Justice Department has ended its probe into Federal Reserve chair Jerome Powell, likely clearing the way for Kevin Warsh's confirmation as his successor. Warsh was nominated by President Donald Trump in January to replace Powell, whose term as chair ends May 15.
The Justice Department has ended its investigation into Federal Reserve chair Jerome Powell. The probe focused on the Fed's extensive building renovations. U.S. Attorney Jeannine Pirro said the investigation was dropped because the Fed's inspector general would scrutinize the renovations instead. Powell's term as chair ends May 15, and Kevin Warsh, nominated by President Donald Trump, is likely to be confirmed as his successor. Warsh faced opposition from Sen. Thom Tillis until the investigation was resolved. Republicans praised Warsh during a Senate hearing, while Democrats questioned his independence from Trump. The investigation was one of several undertaken by the Justice Department into Trump's perceived adversaries.
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