US Justice Department Drops Probe Into Fed Chairman Jerome Powell
The US Justice Department has ended its criminal investigation into Federal Reserve Chair Jerome Powell, removing a major obstacle to the confirmation of his successor, Kevin Warsh. President Trump had accused Powell of improper cost overruns in renovating the Federal Reserve's building.
The US Justice Department, through Attorney for the District of Columbia Jeannine Pirro, announced on Friday that the criminal investigation into Fed Chair Jerome Powell has concluded. This decision clears a major hurdle for Kevin Warsh's Senate confirmation as Powell's successor. President Trump has made clear his intention to replace Powell, though Powell's tenure is still ongoing.
Warsh is known for controversial views on the Federal Reserve's independence and has signaled support for Trump's push to rein in the central bank's autonomy. Trump's pressure on the Fed to lower interest rates and support his economic policies has been a persistent point of contention. Markets have responded positively to the announcement, with gains in equities and movement in the dollar.
With the probe dropped, the Senate can now move forward with Warsh's confirmation vote. Powell's future remains uncertain as Trump seeks to reshape the Federal Reserve's leadership. The transition signals potential shifts in US monetary policy and the central bank's operational independence.
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