Justice department opens investigation into Jerome Powell as Trump ramps up campaign against Federal Reserve
The Guardian••nation
Key Points:
- The Department of Justice has launched a criminal investigation into Federal Reserve Chair Jerome Powell regarding renovations to the Fed’s historic office buildings and whether he lied to Congress about the project’s scope.
- Powell revealed that the Fed received grand jury subpoenas and faces potential criminal indictment related to his June 2022 Senate testimony, describing the investigation as politically motivated due to the Fed’s interest rate decisions.
- The inquiry, approved in November, examines Powell’s public statements and spending records amid Trump’s ongoing campaign to challenge the Fed’s independence and pressure it for rapid interest rate cuts.
- Powell emphasized his commitment to setting monetary policy based on economic conditions rather than political pressure, highlighting his service under multiple administrations and his focus on price stability and employment.
