Justice Department Ends Investigation into Fed Chair Jerome Powell
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The U.S. Justice Department has concluded its investigation into Federal Reserve Chair Jerome Powell, potentially facilitating the confirmation of his successor, Kevin Warsh.
The U.S. Department of Justice has concluded its criminal investigation into Federal Reserve Chair Jerome Powell, potentially facilitating the confirmation of his successor, Kevin Warsh. The probe centered on cost overruns associated with the Federal Reserve's $2.5 billion headquarters renovation project. U.S. Attorney for the District of Columbia Jeanine Pirro announced the decision on X, stating that the Federal Reserve's Inspector General would now oversee the inquiry.
The investigation had been a significant point of contention in the Senate confirmation process for Kevin Warsh, President Donald Trump's nominee to succeed Powell. Senator Thom Tillis (R-N.C.) had indicated he would oppose Warsh's confirmation unless the Justice Department concluded its probe into Powell.
The Federal Reserve's Inspector General had previously reviewed the renovation project twice, finding no evidence of wrongdoing. The Justice Department's decision to end its investigation is expected to clear the way for the Senate to proceed with Warsh's confirmation.