Fed Probe Dropped, Clearing Path for New Chair

0:00On April 24th, the Justice Department just dropped its criminal probe into Federal Reserve Chair Jerome Powell over those huge building renovation. Overruns. This clears a major hurdle for Kevin Worsh's confirmation as the next chair. U.S. Attorney Jeanine Piro announced her office is handing the matter to the Fed's Inspector General. That watchdog now has the job of scrutinizing the billion-dollar cost taxpayers footed, with a full report expected soon. The investigation dragged on for months, but never really gained steam. Prosecutors admitted in court they had zero evidence of any crime, and a judge quashed their subpoenas, slamming the case as thin and baseless. Tensions peaked when investigators showed up unannounced at the Fed Headquarters construction site, but got turned away. Defense lawyers called that move out of line, highlighting how shaky things were all along. With the probe closed for now, though Piro says it could reopen if needed, this hands accountability back to the Fed's own oversight, smoothing the, path ahead for new leadership

1:02at the Central Bank. National News, powered by AI. This is U.S. News Today. I'm Corey with The Story.