US: Justice Department drops investigation into Fed Chair Powell

Justice Department closes probe into Fed Chair Powell, clearing path for Trump nominee Kevin Warsh to take helm of central bank. | Contesto: cronaca

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• US: Justice Department drops investigation into Fed Chair Powell

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The U.S. Justice Department has closed its investigation into Federal Reserve Chair Jerome Powell, removing a significant legal hurdle that had cast uncertainty over President Donald Trump’s plans to install his preferred candidate, Kevin Warsh, as the next head of the central bank. The decision, confirmed by officials familiar with the matter, effectively ends a months-long inquiry that had shadowed Powell’s tenure and fueled speculation about the political pressures facing the independent institution. The investigation, whose precise scope has not been publicly detailed, had been a source of tension between the White House and the Fed, with critics arguing it was an attempt to undermine Powell’s authority. Its closure now clears the way for Trump to formally nominate Warsh, a former Fed governor and Wall Street veteran who has been a vocal advocate for deregulation and tighter monetary policy. Warsh, who served on the Fed’s Board of Governors from 2006 to 2011, is widely seen as a loyalist who would align the central bank more closely with the administration’s economic agenda. The development comes at a critical juncture for the U.S. economy, which is grappling with persistent inflation, volatile markets, and uncertainty over trade policy. Powell, appointed by Trump in 2018 and later reappointed by President Joe Biden, has maintained a cautious approach to interest rate cuts, drawing repeated criticism from Trump, who has called for lower rates to spur growth. The investigation’s closure removes one barrier to Warsh’s appointment, but the nomination process is expected to face scrutiny in the Senate, where some lawmakers have expressed concerns about the Fed’s independence. Legal experts note that the Justice Department’s decision to drop the probe does not necessarily vindicate Powell, but it does signal that prosecutors found insufficient evidence to proceed. The inquiry had focused on Powell’s financial disclosures and communications with Treasury officials, though no charges were ever filed. Powell has consistently denied any wrongdoing, and his attorneys have maintained that the probe was politically motivated. For Trump, the appointment of Warsh would...

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Categoria: cronaca