US drops criminal probe of Fed chair Powell, likely clearing way for nominee Warsh

The criminal investigation by the US Justice Department into Federal Reserve Chair Jerome Powell has concluded, clearing a significant hurdle for the Senate's confirmation of his successor, Kevin Warsh. On Friday, US Attorney for the District of Columbia Jeannine Pirro announced via X that the inquiry regarding the Fed's building renovations would be transferred to the Fed's inspector general. This investigation, part of several targeting perceived opponents of President Donald Trump, had stalled for months. In a March court hearing, a prosecutor acknowledged the absence of evidence for any crime. Judge James Boasberg later dismissed subpoenas to the Federal Reserve, criticizing the lack of substantial evidence against Powell. The conclusion of this investigation may facilitate a prompt confirmation vote for Warsh, nominated by Trump in January to succeed Powell, whose term expires on May 15.