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Justice Department drops probe into Fed Chair Jerome Powell
The move could clear the way for Kevin Warsh’s confirmation as Fed chair, after a judge said prosecutors had shown essentially zero evidence of a crime.
- On Friday, U.S. Attorney for the District of Columbia Jeanine Pirro announced the Department of Justice has closed its criminal investigation into Federal Reserve Chair Jerome Powell, ending the probe launched in January over alleged mishandling of renovation funds.
- President Donald Trump frequently criticized Powell regarding the renovation project, publicly pressuring the Fed Chair to resign while the DOJ initially targeted him over alleged mishandling of construction funds at the central bank's headquarters.
- Federal Reserve Inspector General Michael E. Horowitz will now investigate the renovation cost overruns, with Pirro stating she expects "a comprehensive report in short order" to resolve questions about taxpayer funds used for the project.
- Closing the federal case removes a significant obstacle for Kevin Warsh, President Trump's nominee to lead the Federal Reserve, as Senator Thom Tillis had repeatedly blocked confirmation pending the DOJ investigation's conclusion.
- Powell is expected to remain Chair until his term concludes on May 15, while the Federal Open Market Committee prepares to meet this coming week and is widely expected to hold interest rates steady.
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Leaning Left53Leaning Right50Center94Last UpdatedBias Distribution48% Center
Bias Distribution
- 48% of the sources are Center
48% Center
L 27%
C 48%
R 25%
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