US justice department drops probe into Fed chairman Jerome Powell
Summary
The US Justice Department has stopped its investigation into Federal Reserve Chairman Jerome Powell about cost overruns on Fed building renovations. Instead, the Federal Reserve's inspector general will conduct an internal investigation.Key Facts
- The Justice Department ended its probe into Jerome Powell over alleged high costs in Fed building projects.
- US Attorney Jeanine Pirro announced the shift to an internal investigation by the Fed’s inspector general.
- President Donald Trump had criticized the renovation expenses and had an ongoing disagreement with Powell.
- Powell’s term as Fed Chair is ending, and the Senate is reviewing President Trump’s nominee, Kevin Warsh, as his replacement.
- Republican Senator Thom Tillis delayed support for Warsh until the investigation was dropped.
- The White House supports the inspector general leading the investigation to provide answers to taxpayers.
- President Trump wanted the Fed to lower interest rates and considered firing Powell, a move seen by some as possibly illegal.
- Powell revealed the Justice Department had issued subpoenas and threatened criminal charges related to his Senate testimony about the renovations.
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