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Justice Department drops probe into Fed Chair Jerome Powell
The move sends the renovation review to the Federal Reserve’s watchdog and removes a hurdle to Kevin Warsh’s confirmation, with Powell’s term ending next month.
- On Friday, U.S. Attorney for the District of Columbia Jeanine Pirro announced the Department of Justice has closed its criminal investigation into Federal Reserve Chair Jerome Powell, ending the probe launched in January over alleged mishandling of renovation funds.
- President Donald Trump frequently criticized Powell regarding the renovation project, publicly pressuring the Fed Chair to resign while the DOJ initially targeted him over alleged mishandling of construction funds at the central bank's headquarters.
- Federal Reserve Inspector General Michael E. Horowitz will now investigate the renovation cost overruns, with Pirro stating she expects "a comprehensive report in short order" to resolve questions about taxpayer funds used for the project.
- Closing the federal case removes a significant obstacle for Kevin Warsh, President Trump's nominee to lead the Federal Reserve, as Senator Thom Tillis had repeatedly blocked confirmation pending the DOJ investigation's conclusion.
- Powell is expected to remain Chair until his term concludes on May 15, while the Federal Open Market Committee prepares to meet this coming week and is widely expected to hold interest rates steady.
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United States: Abandonment of Lawsuits Against Jerome Powell Clears Way for His Successor to the Fed
The announcement, Friday, April 24, by a federal prosecutor of the abandonment of the lawsuits against Fed President Jerome Powell, clears the way for his successor, Kevin Warsh, by removing an obstacle...
·Paris, France
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According to the U.S. Federal Reserve's allegedly excessive renovation costs, Powell's chief has been investigated, and the investigation has now been terminated, which could lead to Powell's successor being elected.
·Hamburg, Germany
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As stated by federal prosecutor Jeanine Piro, the case will now be examined internally, under the responsibility of the central bank's inspector general.
Coverage Details
Total News Sources195
Leaning Left41Leaning Right42Center77Last UpdatedBias Distribution48% Center
Bias Distribution
- 48% of the sources are Center
48% Center
L 26%
C 48%
R 26%
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