The Department of Justice has concluded its criminal investigation into Federal Reserve Chair Jerome Powell, removing a significant hurdle for Kevin Warsh's confirmation as the next central bank leader. Senator Thom Tillis had previously blocked the nomination pending the investigation's resolution.
The probe focused on alleged cost overruns during a $2.5 billion renovation of the Federal Reserve's Washington headquarters. Despite the investigation's closure, U.S. Attorney Jeanine Pirro issued a warning that she would "not hesitate to restart a criminal investigation should the facts warrant doing so."
Kevin Warsh disclosed numerous holdings in cryptocurrency projects, including Solana and Polymarket, during his confirmation proceedings. He stated that "digital assets are already part of the fabric of our financial services industry" but opposed a Federal Reserve-issued central bank digital currency.
Warsh previously served as a Fed governor from 2006 to 2011. His nomination has faced opposition, with critics raising concerns about potential conflicts of interest and the Fed's monetary policy.