DOJ drops Jerome Powell probe

The Department of Justice has officially concluded its investigation into Federal Reserve Chair Jerome Powell, finding no evidence of criminal wrongdoing in the central bank's multi-billion dollar building renovation.

President Trump had previously criticized the project's rising costs, though he recently vowed to 'get to the bottom' of the expenditures regardless of the DOJ's decision.

The closure of the probe is seen as a significant step toward a smooth transition of power at the Fed, as Kevin Warsh awaits confirmation to succeed Powell.

The Senate Banking Committee is expected to proceed with a final vote on Warsh's nomination in the coming days.