DOJ expected to drop criminal probe of fed chair amid pressure from senators: Sources
Summary
The U.S. Department of Justice (DOJ) is expected to stop its criminal investigation into Federal Reserve Chair Jerome Powell. This decision comes after pressure from senators and aims to avoid delaying the confirmation of Powell’s successor, President Trump’s nominee Kevin Warsh.Key Facts
- The DOJ is preparing to drop the criminal probe into Jerome Powell related to alleged cost overruns on the Fed's building renovation.
- Senators, including Republican Thom Tillis, were informed about the plan to end the probe and refer the issue to the Fed's internal watchdog.
- Powell’s term ends soon, but he will stay in position until Warsh is confirmed.
- The investigation was led by D.C. U.S. Attorney Jeanine Pirro, who opposed ending the probe and appealed a judge’s ruling limiting her subpoenas.
- Senator Tillis criticized the investigation for potentially delaying Warsh’s confirmation and urged the DOJ to stop pursuing it.
- Powell previously said the investigation was an attempt to pressure the Fed to lower interest rates.
- The DOJ has not confirmed officially if it will drop its appeal of the judge’s decision.
- The federal inspector general of the Fed had already audited the renovation project before.
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