US prosecutors drop Powell investigation/ Decision paves way for Senate to vote for Kevin Warsh as FED chairman
The Justice Department has dropped its criminal investigation into Federal Reserve Chairman Jerome Powell, removing a major obstacle for the Senate to confirm the nomination of Kevin Warsh, President Donald Trump's pick to succeed Powell.
U.S. Attorney Jeanine Pirro, the top federal prosecutor in the District of Columbia, said in a post on X that she was dropping the investigation. Her announcement came three days after Warsh testified before the Senate Banking Committee on his nomination. Senator Thom Tillis, a North Carolina Republican and a member of the Banking Committee, had the authority to block the Senate from voting on Warsh’s confirmation as Federal Reserve chairman unless the criminal investigation was concluded.
Powell and other officials had stated that the real reason for the investigation was to pressure the Federal Reserve to lower interest rates at Trump's behest. Powell asked the inspector general in July of last year to review the renovation project after Trump criticized its cost.
Meanwhile, a spokesman for the inspector general said, in a statement Friday, that work is actively underway to complete the assessment of the Fed Board Building renovation project and that the results will be available to the public and Congress when the investigation is complete.
Massachusetts Senator Elizabeth Warren, the top Democrat on the Banking Committee, said that abandoning the Powell investigation is just an attempt to pave the way for Senate Republicans to install President Trump's puppet, Kevin Warsh, as Federal Reserve Chairman.
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