Sources: 
The Department of Justice (DOJ) has officially closed its criminal investigation into Federal Reserve Chair Jerome Powell, stemming from allegations he misled Congress during testimony concerning significant cost overruns on renovation projects at the Fed's headquarters.
This decision clears the path for
Kevin Warsh, President Trump’s nominee, to be confirmed as Powell's successor. The investigation, initiated in January 2023 after Trump expressed dissatisfaction with Powell's interest rate policies, did not uncover evidence of wrongdoing, according to U.S. Attorney for D.C. Jeanine Pirro.
Pirro stated,
“I have directed my office to close our investigation as the IG undertakes this inquiry.” She noted that the Federal Reserve's Inspector General would now oversee the financial aspects of the renovation project, which has reportedly swelled from an initial estimate of
$1.9 billion to approximately $2.5 billion. The Fed attributed this increase to unforeseen project changes and rising costs of materials and labor.
Political ramifications of the probe included Republican Senator
Thom Tillis, who delayed Warsh's confirmation vote, labeling the investigation as 'frivolous'. After the probe's conclusion, Tillis expressed his readiness to support Warsh, indicating that the investigation posed a significant hurdle to his candidacy.
The closure of the DOJ investigation has raised ongoing concerns regarding the Trump administration's potential influence over the Federal Reserve, a critical institution for the U.S. economy.
Sources: 
The Department of Justice has ended its investigation into Federal Reserve Chair Jerome Powell, removing a barrier for Kevin Warsh's confirmation as Trump's nominee to replace Powell. The probe focused on alleged improprieties related to costly renovations at the Fed's headquarters, amid concerns about political interference.
