The move arrives less than two months before the midterm elections.
The DOJ is dropping its criminal investigation into Federal Reserve Chair Jerome Powell, District of Columbia U.S. Attorney Jeanine Pirro says.
Oil prices have surged in recent weeks, threatening wider inflation.
A federal judge blocked subpoenas issued by the Justice Department against Fed Chair Jerome Powell after determining the government "produced essentially zero evidence."
Trump said his pick to replace current Chairman Jerome Powell is an "outstanding person and a person that won't be too surprising to people."
The Federal Reserve held interest rates steady on Wednesday, as the central bank grapples with a combination of elevated inflation and sluggish hiring.