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Federal prosecutors open criminal investigation into the Fed and Jerome Powell
Federal prosecutors subpoenaed the Fed over a $2.5 billion renovation and Powell's Senate testimony amid a year-long White House campaign to influence monetary policy.
- 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.
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Total News Sources681
Leaning Left154Leaning Right81Center226Last UpdatedBias Distribution49% Center
Bias Distribution
- 49% of the sources are Center
49% Center
L 33%
C 49%
R 18%
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