Powell Probe Dropped, Warsh Fed Nomination Faster

It's April 24th, welcome in.

This is California News Today, where local news meets AI.

I'm Cory with the story.

The Justice Department just dropped his criminal probe into outgoing Fed chair, Jerome

Powell, clearing a major roadblock for Kevin Worsh to take over.

As the next leader of the Federal Reserve, President Trump nominated Worshback in January

to replace Powell, whose term wraps up on May 15th.

Trump has been pushing hard for the Fed to slash interest rates, and this probe was one

of several aimed at his critics that never really found any.

Solid evidence of wrongdoing.

Senators had mixed reactions during Worsh' confirmation hearing this week.

Republicans praised him while Democrats grilled him on his ties to Trump, his financial disclosures,

and his views on rates.

One key Republican, Senator Tom Tillis from North Carolina, said he'd block the nomination

until the Powell investigation ended.

Worsh, whose 55 now, served on the Fed board from 2006 to 2011 as the youngest governor

ever at age 35.

He's currently at the Hoover Institution and teaches at Stanford's Business School.

Back then, he pushed back against super low rates after the Great Recession and warned

about rising inflation.

With the probe shut down, expect a faster Senate vote on Worsh soon, keeping the spotlight

on whether the Fed will bend to pressure for those rates, cuts anytime soon.