U.S. Justice Department ends investigation of Fed chief Powell
It could have prevented Worsh, nominated by President Trump, from being appointed to the post
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The U.S. Department of Justice has terminated the criminal investigation of Federal Reserve Chairman Jerome Powell, Janine Pirro, acting federal prosecutor in the District of Columbia, wrote on social network X. This is an investigation into the Fed's headquarters renovation project, which allegedly led to cost overruns.
She said, however, that the Fed's internal oversight body has been tasked with conducting a review, and if it finds irregularities, Pirro "will not hesitate to reopen the investigation."
Ending the Powell prosecution could remove a major obstacle to the confirmation of Kevin Warsh, US President Donald Trump's nominee to head the Federal Reserve. Republican Senator Thom Tillis has repeatedly said he will block a vote until the investigation is stopped.
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