Federal Reserve Chair Powells Criminal Probe Dropped by Justice Department

The US Department of Justice has dropped its criminal investigation into Federal Reserve Chair Jerome Powell, according to reports. The decision is believed to have cleared the way for Powell’s successor.

The investigation was led by former US Attorney Preet Bharara and had been ongoing since 2018. However, in a statement released on Tuesday, the DOJ announced that it would be dropping the probe due to lack of evidence.

Separately, a New York Times article highlighted the potential consequences of the abandoned investigation, citing “lasting damage” to the Federal Reserve’s reputation.

In an analysis piece for CNBC, experts warned that the threat to the Fed’s independence was not over. The article noted that the decision to drop the probe could be seen as a partial reversal by the DOJ.

A Politico report stated that the DOJ had dropped its investigation into Powell and the renovations of the Federal Reserve Building in Washington D.C.

Bloomberg also reported on the development, stating that the DOJ’s decision would keep Fed drama alive.

Source: Google News World