US EditionFederal prosecutors open criminal investigation into the Fed and Jerome Powell
- On Friday, the Department of Justice served grand jury subpoenas and threatened a criminal indictment of Federal Reserve chair Jerome H. Powell over a $2.5 billion renovation of the Federal Reserve headquarters.
- The renovation project ran substantially over budget and became a political flashpoint as the Trump administration attacked the Fed and Jerome H. Powell, while officials said Jeanine Pirro approved the inquiry last November.
- The subpoenas reportedly seek Powell's preparations for testimony and internal renovation files, while gold rose to $4,600 a troy ounce on Monday and Nasdaq futures fell-0.95% Sunday night.
- Senator Thom Tillis said he will block confirmations until the legal matter is resolved, and Jerome H. Powell said he will not resign and will continue his Senate-confirmed duties.
- The probe could unsettle markets this year as Trump names a successor, with RBC Capital Markets warning markets may price in higher inflation expectations and justice department guidelines noting subjects are sometimes notified before indictments by grand juries.
398 Articles
398 Articles
Jerome Powell swings back after Trump DOJ launches criminal probe
Federal Reserve Chair Jerome Powell is swinging back at President Trump’s administration after the Department of Justice launched a criminal indictment over the central bank’s extensive renovations of its Washington, D.C. headquarters. The nation’s top central banker dismissed the threat of criminal charges and subpoenas about the construction project as mere “pretexts” to force him to do Trump’s bidding and dramatically lower interest rates. “T…
The US Department of Justice has launched a criminal investigation into Federal Reserve Chairman Jerome Powell over the $2.5 billion (2.14 billion euros) renovation of the Fed's headquarters in Washington, US media reported. Powell called the investigation political intimidation.
U.S. Federal Reserve Chair Powell says DOJ has subpoenaed central bank, threatens criminal indictment
U.S. Federal Reserve Chair Jerome Powell said Sunday the U.S. Department of Justice has served the central bank with subpoenas and threatened it with a criminal indictment over his testimony this summer about the Fed’s building renovations.
Washington. Federal Reserve President Jerome Powell reported yesterday that the Department of Justice sent subpoenas to the central bank and threatened to charge him with a criminal charge for his testimony about the renovation of the Fed building, which cost $2.5 billion.
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