DOJ Drops Jerome Powell Probe, Clearing Path For Kevin Warsh’s Confirmation As Fed Chair

The U.S. Department of Justice on Friday dropped its criminal investigation into outgoing Federal Reserve Chair Jerome Powell, clearing a hurdle in the confirmation of Kevin Warsh as the successor.

U.S. Attorney General for the District of Columbia, Jeanine Ferris Pirro, made the announcement, while stating that the Inspector General for the Federal Reserve will undertake an inquiry into the cost overruns for the central bank’s $2.5 billion project.

“I have directed my office to close our investigation as the IG undertakes this inquiry.  Note well, however, that I will not hesitate to restart a criminal investigation should the facts warrant doing so,” Pirro stated in a post on X.

During an interview with Fox Business earlier this week, Senator Thom Tillis said that he will continue to block Warsh’s confirmation, stating that the process cannot move forward until the Powell investigation is over.

“At the end of the day, there's only one thing that solves this problem, and it's getting rid of the bogus investigation that started without the president's knowledge and has created this situation,” Tillis said.

Get updates to this developing story directly on Stocktwits.

Also See: AMD Has 'Meaningful Upside' Ahead Of Earnings Due To Magnitude Of Intel's Q1 Beat, Says Analyst, Hikes Price Target By 70%

For updates and corrections, email newsroom[at]stocktwits[dot]com.