US justice department drops probe into Fed chairman Jerome Powell

President Donald Trump had accused Powell of improper cost overruns in renovating the Fed's building.

The U.S. Department of Justice has decided to drop its criminal investigation into Federal Reserve Chair Jerome Powell, ending a high-profile and unprecedented probe into the head of the nation's central bank. The move clears the path for President Trump's nominee to lead the Federal Reserve to proceed to confirmation, which had been delayed due to opposition from Senator Thom Tillis (R-N.C.) pending the resolution of the investigation.

Judge Jeanine Pirro announced that the Department of Justice is ending its criminal investigation into Federal Reserve Chair Jerome Powell, after significant political pressure. The probe, initiated by the Trump administration, centered on alleged mismanagement and cost overruns in the Federal Reserve's headquarters renovation. The Fed's Inspector General had already cleared Powell twice, and a federal judge criticized the DOJ's investigation, throwing out subpoenas issued by Pirro.

Federal prosecutors are ending their criminal investigation into Federal Reserve Chairman Jerome Powell, U.S. Attorney Jeanine Pirro announced, clearing a key obstacle for the confirmation of Kevin Warsh, President Trump's pick to take over as head of the central bank's Board of Governors.

The United States Department of Justice has ended its probe into US Federal Reserve chair Jerome Powell, clearing a major roadblock to the confirmation of his successor, Kevin Warsh.

The U.S. Justice Department has ended its criminal investigation into Federal Reserve Chair Jerome Powell regarding $2.5 billion in building renovations, citing a lack of evidence. The case, criticized as an effort by former President Donald Trump to intimidate Powell into cutting interest rates, failed to substantiate any wrongdoing, with a judge dismissing subpoenas due to 'zero evidence.' This decision clears the way for Kevin Warsh, Trump's nominee to succeed Powell when his term ends May 15, to move forward in the Senate confirmation process.