Fed Probe Dropped, Warsh Set to Replace Powell

Federal 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.

With 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.

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