US EditionFederal prosecutors open criminal investigation into the Fed and Jerome Powell
Federal prosecutors served grand jury subpoenas over Powell's June testimony on the Fed's $2.5 billion D.C. building renovation amid a political dispute on interest rates.
- 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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446 Articles
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NY Daily NewsJerome 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. Re…
WASHINGTON.–The president of the Federal Reserve (Fed), Jerome Powell, revealed that the U.S. Department of Justice gave subpoenas to the U.S. central bank and threatened a possible criminal charge linked to his testimony before Congress about the renovation of the agency’s buildings. Powell called the measure a “pretext” to expand political control over the Fed and warned that it was a direct attack on the independence of monetary policy, amid …
Jerome Powell Accuses Trump Admin of Using DOJ to Punish Him Over Interest Rates - Real News Now
Federal Reserve Chairman Jerome Powell says he is now the subject of a criminal investigation launched by the Department of Justice—and he claims the real motivation is political retaliation from President Donald Trump’s administration. In a statement released Saturday alongside a video message, Powell confirmed that the Federal Reserve was served with grand jury subpoenas tied to his June testimony before the Senate Banking Committee, where he …
Fed Chair Jerome Powell speaks out over criminal probe from Trump’s DOJ
Jerome Powell has said that the US Federal Reserve is being threatened with criminal indictment by the Trump administration. In a video announcement, the Fed Chair said that the Department of Justice (DoJ) is serving the agency with grand jury subponeas over comments he made to Congress last June in relation to renovation cost over-runs at the Federal Reserve buildings in Washington DC. He said the action is a “pretext” which is designed at pres…
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