Senate Banking Republicans Get Their Off Ramp on Powell -- Market Talk

Dow Jones01:37

1337 ET - The Justice Department investigation of Jerome Powell put Senate Republicans in a bind: Many had hinted they believed the criminal investigation into the Fed's renovation project was excessive, and opposition to the probe was holding up Kevin Warsh's nomination. The wind-down of the criminal investigation in favor of an internal Fed inspector-general probe gives Warsh a path forward. Tim Scott, chairman of the Senate Banking Committee, praises the move in a statement. "I welcome the Inspector General's review and expect a full accounting of how these costs spiraled out of control," Scott says. "The Senate Banking Committee will continue conducting aggressive oversight to ensure taxpayers get the transparency and accountability they deserve." (matt.grossman@wsj.com; @mattgrossman)

(END) Dow Jones Newswires

April 24, 2026 13:37 ET (17:37 GMT)

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