The Justice Department has ended its investigation of Federal Reserve Chairman Jerome Powell, removing a key obstacle to Senate confirmation of Kevin Warsh as his successor.
U.S. Attorney Jeanine Pirro said Friday her office would close its probe of the Fed’s $2.5 billion headquarters renovation because the central bank’s inspector general would review it instead. The investigation was widely viewed as a pressure tactic to push Powell into lowering U.S. interest rates.
Sen. Thom Tillis (R-NC) had said he would oppose Warsh’s confirmation until the inquiry ended, effectively stalling the nomination. President Donald Trump nominated Warsh in January to replace Powell, whose term as Fed chairman ends May 15.
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