Fed Probe Dropped, Warsh's Confirmation Uncertain

U.S. Attorney Drops Criminal Probe into Federal Reserve, Clearing Path for Kevin Warshs Fed Chair Nomination

The Department of Justice has closed its criminal investigation into the Federal Reserve and Chair Jerome Powell, focusing on cost overruns in a headquarters renovation. This move paves the way for President Trumps nominee, Kevin Warsh, to potentially become the next Fed chair. The probes closure has sparked reactions from various parties, including Powell, former chairs like Janet Yellen, and law professors. Senator Thom Tillis, who had been blocking Warshs confirmation, seems ready to support him now. Senator Elizabeth Warren remains opposed to Warshs nomination. Powells term ends on May 15th, and the Senate vote on Warshs confirmation is uncertain, but the White House expects it soon. Powell plans to stay on as chair and on the Fed board until January 28th to maintain stability.

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