Department of Justice to close criminal investigation into Fed's Powell

Summary

CNBC's Eamon Javers reports that the U.S. Attorney for D.C. has dropped the criminal investigation into Fed Chair Jay Powell regarding construction cost overruns, referring the matter to the Federal Reserve's Inspector General. The move potentially clears a hurdle for Kevin Warsh's nomination as Fed chairman, but it remains unclear if Senator Tillis will be satisfied.

• DOJ closes criminal investigation into Fed Chair Powell over building cost overruns.
• Investigation referred to the Federal Reserve's Inspector General for further scrutiny.
• The move could remove a political obstacle for Kevin Warsh's Fed chairman nomination.
• Senator Thom Tillis had said he would not vote for Warsh until the DOJ investigation was dropped.
• It is uncertain whether the IG investigation will satisfy Tillis's concerns.