"The investigation had no legal foundation. A federal judge, James Boasberg, quashed DOJ subpoenas in March after a prosecutor conceded the government had found 'essentially zero evidence' of a crime, branding the justification as 'thin and unsubstantiated.'"
"Powell himself called the probe a political weapon, stating in January that it was 'a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President.'"
"Senator Thom Tillis, a North Carolina Republican on the Senate Banking Committee, had vowed to block Warsh's confirmation until the probe ended, describing it as 'bogus.' His opposition, combined with unified Democratic resistance, had stalled the nomination."
"Warsh, 56, a former Fed governor and Stanford professor, testified before the Senate Banking Committee on Tuesday and pledged 'strict independence' from the White House on rate decisions."
The Department of Justice concluded its investigation into Jerome Powell, eliminating a significant barrier to Kevin Warsh's Senate confirmation as the next Federal Reserve Chair. The investigation, initiated over alleged cost overruns on a renovation project, was deemed to lack legal foundation. A federal judge had previously dismissed the DOJ's subpoenas, citing insufficient evidence. With the probe's closure, a swift confirmation process for Warsh is anticipated before Powell's term ends on May 15.
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