Justice Department drops criminal probe of Fed chair Powell

(CNN) — US Attorney for DC Jeanine Pirro said Friday she is closing the criminal probe of Federal Reserve Chair Jerome Powell.

That would clear the way for Kevin Warsh, President Donald Trump’s pick to succeed Powell, to get confirmed for the role.

The Department of Justice launched a criminal investigation into Powell in January after Trump spent months railing against the Fed chair for not lowering interest rates faster. Trump’s complaints included accusations of impropriety and incompetence in cost overruns in the $2.5 billion Fed renovation.

A federal prosecutor in Washington, DC, told a judge last month that his office didn’t have evidence of any crimes, but Pirro continued the probe and Trump said he supported the investigation.

Republican Senator Thom Tillis, a key member of the Senate Banking Committee that approves Fed nominees, has been blocking a vote for Warsh because of the probe. Once the probe ended he said, he would vote to confirm Warsh.

The move to abandon the investigation comes  Read Entire Article