US justice department drops probe into Fed chairman Jerome Powell

the justice department is dropping its investigation into fed chairman jerome powell over alleged building cost overruns. us attorney jeanine pirro said an internal investigation led by the central bank's inspector general will replace it. president trump had criticized the fed's building renovations as too expensive, part of a long feud with powell. powell's term is ending, and the senate is considering trump's nominee for replacement, kevin warsh. republican senator thom tillis had withheld support for warsh unless the investigation was dropped. white house spokesman kush desai said the inspector general's "more powerful authorities" are better positioned to investigate. trump called for rate cuts after returning to office and floated firing powell — a step some said could be illegal. powell released a video in january disclosing the justice department had served subpoenas and threatened a criminal indictment over his senate testimony on the renovations.