Justice Department drops criminal probe of Fed chair Powell, likely clearing way for Warsh
Summary
The Justice Department has ended its criminal investigation into Federal Reserve Chair Jerome Powell over building renovations. This action clears the path for Kevin Warsh to be confirmed as the new Fed chair. Warsh has denied ever promising President Trump to cut interest rates.Key Facts
- The Justice Department stopped investigating Powell due to lack of evidence of wrongdoing.
- The investigation focused on renovations of Federal Reserve buildings.
- The Fed’s inspector general will now examine the renovations instead of criminal prosecutors.
- A judge criticized the investigation for having almost no evidence.
- Prosecutors attempted to access the Fed building but were turned away.
- Senator Thom Tillis opposed Warsh’s confirmation until the investigation ended.
- Kevin Warsh was nominated by President Trump in January to replace Powell when his term ends on May 15.
- Warsh stated he will act independently and never promised President Trump to cut interest rates.
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