US Fed Chair Jerome Powell Under Criminal Investigation
Washington D.C. - Federal prosecutors have launched a criminal investigation into Federal Reserve Chairman Jerome Powell, Powell disclosed on Sunday. The investigation, initiated by the U.S. Department of Justice (DoJ), centers around Powell's testimony before a Senate committee concerning renovations to Federal Reserve buildings.
Powell characterized the probe as "unprecedented," suggesting it stemmed from former President Donald Trump's dissatisfaction with the Fed's decisions on interest rates. According to Powell, the DoJ served the agency with subpoenas and threatened a criminal indictment.
The investigation reportedly focuses on Powell's statements to the Senate committee regarding the renovations of Federal Reserve properties. The specific details of the alleged discrepancies in his testimony have not yet been released.
Powell believes the investigation is politically motivated, triggered by his refusal to lower interest rates despite repeated public pressure from Trump. Trump has denied any knowledge of the investigation.
The unfolding situation marks a highly unusual circumstance, with a sitting Federal Reserve chair facing a criminal investigation. The inquiry's outcome could have significant implications for the Federal Reserve's independence and the broader economic landscape.
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