White House caves on criminal investigation into Fed Chair Jerome Powell

The Trump administration will reportedly drop an investigation into Fed Chair Jerome Powell that has drawn bipartisan criticism.

President Donald Trump pushed for an investigation into cost overruns on an office renovation project after the Federal Reserve declined to yield to his demand that interest rates be lowered. The probe focused on alleged false statements Powell made to Congress about the renovations.

Sen. Thom Tillis (R-NC) has said that he would block confirmation of Powell's successor because of the investigation.