US Fed Chair Jerome Powell Under Criminal Investigation
Washington D.C. – Federal prosecutors have opened a criminal investigation into Federal Reserve Chair Jerome Powell, Powell disclosed on Sunday. The investigation by the U.S. Department of Justice (DoJ) involves subpoenas and the threat of a criminal indictment related to Powell's testimony before a Senate committee regarding renovations to Federal Reserve buildings.
Powell described the probe as "unprecedented," suggesting it was politically motivated. He believes the investigation stemmed from former President Donald Trump's displeasure with the Fed's decision to maintain interest rates despite repeated public pressure from the president to lower them. Trump has denied any knowledge of the investigation.
According to multiple news sources, the investigation centers around Powell's testimony to a Senate committee concerning the renovations of Federal Reserve properties. The DoJ has served the agency with subpoenas as part of the investigation.
The investigation comes after repeated public clashes between Powell and Trump over monetary policy. Trump had frequently criticized the Fed's interest rate policies, urging the central bank to lower rates to stimulate economic growth. Powell resisted these calls, maintaining the Fed's independence.
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