DOJ drops criminal probe of Fed Chair Powell

• DOJ drops criminal investigation into Fed Chair Jerome Powell regarding Federal Reserve building cost overruns.
• The US Attorney's office will close its investigation as the Federal Reserve's Inspector General undertakes an inquiry into the cost overruns.
• This action clears a potential political obstacle for Kevin Warsh's nomination as Fed Chair, as Senator Tom Tillis had linked his vote to the probe's resolution.

The Department of Justice has dropped its criminal investigation into Federal Reserve Chair Jerome Powell concerning billions of dollars in building cost overruns. This decision potentially removes a hurdle for President Trump's nomination of Kevin Warsh to chair the Fed, as Senator Tom Tillis had conditioned his vote on the probe's resolution. The Federal Reserve's Inspector General will continue to scrutinize the cost overruns.