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DOJ Closes Powell Probe; Tillis Blocks Warsh Confirmation

4/25/2026

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Summary

Story summary

The Justice Department announced Friday it closed the investigation into Federal Reserve (Fed) Chair Jerome Powell.
Senator Thom Tillis said he will block confirmation of Kevin Warsh until the investigation is dropped.
President Donald Trump’s nominee Kevin Warsh told the Senate Committee he will uphold Fed independence and did not commit to cutting rates.

History

Historical Context

Jimmy Carter named Paul Volcker Fed chair in August 1979, and Volcker’s aggressive tightening pushed the federal-funds rate to a 20 % peak in June 1981, driving inflation from a 14.8 % high in 1980 down below 3 % by 1983. That legacy of asserting Fed independence underlies today’s DOJ closure of the probe into Chair Jerome Powell and the 2026 nomination of former governor Kevin Warsh.

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Story summary

The Justice Department announced Friday it closed the investigation into Federal Reserve (Fed) Chair Jerome Powell.
Senator Thom Tillis said he will block confirmation of Kevin Warsh until the investigation is dropped.
President Donald Trump’s nominee Kevin Warsh told the Senate Committee he will uphold Fed independence and did not commit to cutting rates.

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