US: Justice Dept. closes Powell probe, Warsh path clears

The US Justice Department has concluded its criminal investigation into Federal Reserve Chair Jerome Powell concerning building renovation cost overruns. This action is expected to clear a significant hurdle for Kevin Warsh's confirmation as his successor.

The investigation focused on allegations of improper cost overruns tied to the renovation of the Federal Reserve's headquarters. Notably, President Donald Trump had previously voiced accusations against Powell regarding these specific expenses. The Justice Department's decision now removes a key obstacle for Kevin Warsh, the nominated successor, in his path towards confirmation as the next Fed Chair. While the criminal probe is closed, the Inspector General's office will continue its oversight, retaining the option to restart the investigation if warranted.
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