Justice Department ends criminal probe of Fed chair Powell
The Justice Department has concluded its criminal investigation into Federal Reserve Chair Jerome Powell. This decision is expected to facilitate the confirmation of Kevin Warsh as Powell's successor. (sources: ap, aljazeera, theguardian, npr, cnbc)
The Justice Department has dropped its criminal probe into Jerome Powell, which may expedite the confirmation process for Kevin Warsh as the new Federal Reserve chair.
- The Justice Department announced the conclusion of its investigation into Powell.
- Kevin Warsh is nominated to succeed Powell as Federal Reserve chair.
- The end of the investigation removes a potential obstacle to Warsh's confirmation.
Why it matters
This development may influence the leadership transition at the Federal Reserve.
↓ Why this is on ModernAction
2 bills on this issue are moving right now — and the most active one is Federal Reserve Transparency Act of 2025.
S2327 · 119th Congress
Federal Reserve Transparency Act of 2025
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What S2327 actually does
This story is about Justice Department drops investigation into Jerome Powell. This bill would require GAO to complete an audit of the Fed Board and Reserve Banks within 12 months of enactment.
If passed, it would:
- Require GAO to complete an audit of the Fed Board and Reserve Banks within 12 months of enactment • Permit GAO audits in areas currently restricted (including monetary-policy-related deliberations/transactions.
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