Justice Department drops probe into Fed Chair Jerome Powell

TL;DR

Federal prosecutors have closed their criminal investigation into Federal Reserve Chairman Jerome Powell.
The investigation is being redirected to the Fed's inspector general to examine potential cost overruns in the headquarters renovation project.
This decision removes an obstacle for the confirmation of Kevin Warsh, President Trump's nominee to lead the Fed.
A previous court ruling had quashed subpoenas that were part of the investigation into Powell.
The probe into Powell occurred amidst President Trump's criticism of Powell's interest rate decisions.
The estimated cost of the Fed's renovation project has risen from $1.9 billion to nearly $2.5 billion.

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