After threatening with all the fires of hell, Donald Trump has once again backed down. The American Department of Justice announced on Friday April 24 that the investigation into Jerome Powell, Chairman of the Federal Reserve (Fed), was suddenly abandoned. This turnaround paves the way for the confirmation in the Senate of Kevin Warsh, the White House candidate, to become the next president of the central bank of the United States, from mid-May, at the end of Jerome Powell’s mandate.
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The Trump administration actually didn’t have many options after finding itself in a bind, of its own making. The confirmation of Kevin Warsh has been blocked for several weeks at the Senate banking committee stage, because of a Republican elected official, Thom Tillis, attached to the independence of the institution. The North Carolina senator, whose vote is decisive, has vowed not to vote as long as the investigations against Jerome Powell continue.
The investigation in question concerns the spiraling costs of work on the historic Fed buildings in Washington. She is widely seen as politically motivated. Donald Trump has fierce hatred for Jerome Powell, who did not comply with the demands of the White House in terms of lowering the institution’s key rates. The current administration has made prosecutions a weapon of intimidation against anyone it perceives as adversaries. The American president himself had asked in a message addressed to former Attorney General Pam Bondi, published – probably by mistake – on his social networks, to take action against several of his opponents.
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Originally published at Almouwatin.com
