Fed Chair Investigation Closed Amid New Appointment Developments
In a significant development on U.S. monetary policy leadership, the Justice Department has closed its investigation into Federal Reserve Chair Jerome Powell. The move clears the path for the Senate to approve Kevin Warsh, who has been nominated by the President to lead the central bank.
U.S. Attorney for D.C., Jeanine Pirro, announced the decision on social media, indicating that the Inspector General for the Federal Reserve has been called to investigate the “building costs overruns – in the billions of dollars – that have been borne by taxpayers.” Pirro stated, “Accordingly, I have directed my office to close our investigation as the IG undertakes this inquiry.”
The controversy centers around an extensive renovation project at the Federal Reserve’s Washington headquarters. The Inspector General for the Fed has conducted two reviews of the construction project and did not find any misconduct.
The closure of the investigation allows for the potential confirmation of Kevin Warsh as the new head of the Federal Reserve, after Sen. Thom Tillis, R-N.C., had threatened to obstruct the nomination if the inquiry into Powell was not terminated.
For more details on Warsh’s nomination, visit this NPR article.
This is a developing story and will be updated
