Fed Probe Dropped, Warsh Set to Replace Powell

0:00Federal prosecutors just shut down their criminal probe into Fed Chair Jerome Powell, a move announced by U.S. Attorney Jeanine Piro that clears the runway for Kevin Warsh to step in as the next head of the Central Banks Board of Governors. Piro shifted the focus to the Fed's Inspector General, Michael Horowitz, who's now digging into possible cost overruns on the Banks, Washington. Headquarters renovation, and she expects a full report soon, with a warning she could restart the criminal side if new facts pop up. Senator Tom Tillis from North Carolina had been holding up any confirmation votes until this probe banished, and it all brood from President Trump's. Beef with Powell over slow interest rate cuts, including threats to fire him, and past insults like calling him a jerk. Earlier this month, a judge already killed off some subpoenas from Piro's office, ruling they look like pressure tactics to force Powell to slash, rates or quit, and prosecutors even got turned away last week when they showed up unannounced at Fed HQ.

1:01With Powell's term wrapping up in Maine, Warsh's recent Senate testimony stressing the Fed's rock solid independence sets the stage for smoother sailing, ahead on this leadership switch. Local news, powered by AI. This is California News Today.