Justice Department probe into Jerome Powell threatens to delay new Federal Reserve chair

Jerome Powell will remain at the Federal Reserve until a new chair is confirmed. His term as chair expires on May 15. The timeline for a new appointment depends on the vote of Sen. Thom Tillis, who has stated he will refuse to vote for any Fed chair nominee until the Justice Department concludes its investigation into Powell. US Attorney Jeanine Pirro, who is leading the probe into Powell's congressional testimony regarding a multibillion-dollar renovation of the Fed's headquarters, has said she will push to continue the investigation regardless of the impact on a nominee's confirmation. President Donald Trump has nominated Kevin Warsh for the position, with a Senate Banking Committee hearing scheduled for next week.