DOJ launches criminal investigation into Fed Chair Jerome Powell, he says
ABC News••business
Key Points:
- Federal Reserve Chair Jerome Powell confirmed a criminal investigation by federal prosecutors related to his testimony about the Fed's multi-year building renovation project, which he says is part of political pressure from the Trump administration.
- Powell emphasized the investigation threatens the Fed's independence in setting interest rates based on economic evidence rather than political influence.
- Attorney General Pam Bondi's office is prioritizing investigations into taxpayer fund abuses, while DOJ officials declined to comment on ongoing probes; President Trump denied involvement but criticized Powell's handling of interest rates and renovation costs.
- The investigation follows a criminal referral by Rep. Anna Paulina Luna accusing Powell of false testimony about renovation expenses, amid broader Republican efforts to challenge Fed independence.
- Senator Thom Tillis stated he would oppose any Federal Reserve
