Justice Department Closes Probe into Fed Chair Jerome Powell

The Department of Justice has closed its criminal investigation into Federal Reserve Chair Jerome Powell and the central bank. The probe focused on billions in construction cost overruns at the Fed's Washington headquarters.

U.S. Attorney Jeanine Pirro announced the decision, stating the Inspector General for the Federal Reserve will now scrutinize the building costs borne by taxpayers. Pirro expects a comprehensive report and confidence that the IG's inquiry will resolve outstanding questions. The DOJ may restart a criminal investigation if facts warrant.

The investigation had reportedly stalled the Senate confirmation process for Powell's nominated successor, Kevin Warsh. Powell's term as chair is set to end on May 15.