Justice Department concludes investigation into Jerome Powell
The Department of Justice has finished its investigation into the Federal Reserve and Chairman Jerome Powell concerning a renovation at the central bank's headquarters. This conclusion may influence the confirmation process for Kevin Warsh as the next Fed chair. (sources: nbcnews, pbs, nytimes, ft, cbsnews)
The Justice Department has ended its criminal investigation into Jerome Powell, which may lead to changes in leadership at the Federal Reserve. The investigation did not yield sufficient evidence of criminal conduct.
- The investigation focused on Powell's handling of a renovation at the Federal Reserve's headquarters.
- The Justice Department did not find a basis for criminal conduct during the investigation.
- The conclusion of the investigation may influence the confirmation process for Kevin Warsh as Fed chair.
Why it matters
The end of the investigation could impact leadership dynamics within 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 Regulatory Oversight Act.
HR2418 · 119th Congress
Federal Reserve Regulatory Oversight Act
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About this bill
What HR2418 actually does
This story is about the Justice Department dropping a criminal investigation into Jerome Powell and its possible effects on confirmations. This bill would change how the Federal Reserve funds regulatory work by requiring Congressional approval for non-monetary regulatory costs and shifting funding to bank fees.
If passed, it would:
- Require Congress to approve Fed regulatory budgets • Shift Fed supervisory costs to fees paid by banks after budget approval.
1 other bill moving on this issue
Take action on any of them individually.
This story is about the Justice Department dropping a criminal investigation of Fed chair Powell and how that change affects confirmation prospects. This bill would require the President to nominate and the Senate to confirm the Inspector General who oversees the Federal Reserve and the CFPB, giving that IG direct authority over Reserve Banks.
If passed, it would
- Require Presidential nomination and Senate confirmation for the Fed/CFPB Inspector General • Give the Inspector General direct authority over Federal Reserve Banks and treat CFPB as p.
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