Justice Department drops criminal investigation into Federal Reserve and Jerome Powell
Updated
Updated · The Washington Post · Apr 24
Justice Department drops criminal investigation into Federal Reserve and Jerome Powell
36 articles · Updated · The Washington Post · Apr 24
The probe, focused on $2.5 billion in building renovations, found no evidence of criminal wrongdoing after months of investigation.
This decision removes a major obstacle to the Senate confirmation of Kevin Warsh, President Trump’s nominee to lead the central bank.
An internal review by the Fed’s inspector general will continue, while Warsh’s policy agenda includes reducing the Fed’s $6 trillion portfolio and increasing coordination with the Treasury Department.
Can nominee Kevin Warsh deliver his promised 'regime change' while still protecting the central bank’s long-term independence?
Will the new probe into the Fed's $600 million overspend result in any real accountability for taxpayers?
How will markets react to a Fed chair planning to lower rates while shrinking a $6.7 trillion balance sheet?
What does this failed probe signal about the power balance between the presidency and independent government agencies?
What does Powell's award for courage reveal about the pressures facing modern central bankers worldwide?
Is the long-held ideal of central bank independence still achievable in the current political environment?