DOJ drops Powell criminal probe, clearing Senate hold on Trump's Fed chair pick Kevin Warsh

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DOJ is dropping its criminal probe of Fed Chair Jerome Powell tied to the Fed's multibillion-dollar HQ renovation cost overruns, with U.S. Attorney Jeanine Pirro announcing the move on X and the Fed's inspector general taking over oversight. That clears Sen. Thom Tillis's (R-NC) Senate hold on Trump's Fed chair pick Kevin Warsh, putting him on track to replace Powell. The parallel DOJ case against Fed Governor Lisa Cook remains live. Powell has publicly called the whole thing pressure to cut rates.

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