DOJ Ends Powell Investigation, Paves Way for Warsh's Fed Path

The U.S. Department of Justice is closing a controversial investigation into cost overruns related to the Federal Reserve's building renovation. This development could ease the confirmation process for Kevin Warsh, President Donald Trump's nominee for the next Fed chair. Bloomberg's Michael McKee reported the news on 'Bloomberg Intelligence.' The investigation covered cost overruns that emerged during the renovation of the Fed's headquarters in Washington. The DOJ's decision removes a potential obstacle to Warsh's Senate confirmation. Warsh, a former Fed board member, is closely watched by markets. At a time when the Trump administration is seeking a Fed chair aligned with its economic policies, this step boosts Warsh's chances of appointment. This is not investment advice.