US justice department drops criminal investigation against Jerome Powell
Summary
The US Department of Justice is ending its criminal investigation into Federal Reserve Chair Jerome Powell related to costly renovations at the Fed headquarters. This move helps clear the way for President Donald Trump’s new nominee for Fed chair, Kevin Warsh, to be confirmed.Key Facts
- The investigation focused on renovations at the Federal Reserve headquarters going over budget.
- Jeanine Pirro, Trump’s appointed US attorney for D.C., ordered the investigation to be closed.
- Powell said the investigation was actually about political pressure to influence Fed interest rate decisions.
- Senator Thom Tillis said he would block Warsh’s nomination until the investigation ended.
- President Trump criticized Powell for keeping interest rates high and supported the investigation.
- Kevin Warsh, Trump’s pick for Fed chair, supports lower interest rates and claims Fed independence.
- The Supreme Court will decide if Trump’s firing of Fed governor Lisa Cook was legal, with a ruling expected by June.
- Powell’s current term ends on May 15.
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