US Justice Department drops criminal probe of Fed chair Jerome Powell
Summary
The U.S. Department of Justice has stopped its criminal investigation into Federal Reserve Chair Jerome Powell. Instead, the Fed’s internal watchdog will review the costs of the Fed’s building renovations, which clears the way for Kevin Warsh to be confirmed as Powell’s successor.Key Facts
- The Justice Department ended its investigation into Powell’s possible wrongdoing related to Fed building renovations.
- US Attorney Jeannine Pirro, a Trump ally, said the Fed’s Office of Inspector General will now handle the review.
- Senator Thom Tillis had blocked Kevin Warsh’s confirmation until the investigation was resolved.
- Kevin Warsh was nominated by President Donald Trump to replace Powell as Fed Chair.
- Powell’s term as Fed Chair ends on May 15.
- The investigation found no evidence of criminal conduct by Powell, and a judge criticized the case as lacking evidence.
- Warsh said he would act independently and not promise President Trump any interest rate decisions.
- The move is expected to speed up Warsh’s Senate confirmation process.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.