US EditionDefiant Independence From the Federal Reserve Catches Trump Off Guard
Federal prosecutors served grand jury subpoenas seeking criminal indictment over Powell's testimony on a $2.5 billion Federal Reserve HQ renovation amid political tensions.
- On Friday federal prosecutors served grand jury subpoenas to the Federal Reserve, threatening a criminal indictment tied to Jerome Powell's Senate Banking Committee testimony about the Washington, D.C. renovation.
- The inquiry centers on whether Powell misstated testimony about the Fed's $2.5 billion renovation project, while President Donald Trump's pressure for lower rates and scrutiny of the remodel preceded the probe.
- Markets dipped at Monday's open after the news, then rebounded as Powell said, `This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings.'
- Lawmakers across parties sharply questioned the probe's motives, with Senator Thom Tillis, Republican of North Carolina, vowing to block Fed nominations until the matter is resolved and Democrats including Senate Minority Leader Chuck Schumer condemning the inquiry.
- The episode raises questions about the Fed's independence and investor confidence as subpoenas had little effect on bond markets Monday, while a criminal indictment could give President Donald Trump a path to remove Jerome Powell.
15 Articles
15 Articles
Trump warned Fed fight poised to backfire spectacularly from GOP Senate leader
The Trump administration's move to criminally investigate the chair of the Federal Reserve could blow up in President Donald Trump's face in a big way, Senate Majority Leader John Thune (R-SD) indicated on Monday.Specifically, Thune told Semafor's Burgess Everett, the legal threat against Jerome Pow...
Hastings Tribune
Los Angeles TimesDefiant independence from the Federal Reserve catches Trump off guard
WASHINGTON — White House officials were caught by surprise when a post appeared Sunday night on the Federal Reserve’s official social media channel, with Jerome Powell, its chairman, delivering a plain and clear message.
InsideNoVA.com
Former Federal Reserve leaders, Senators slam DOJ's inquiry
(The Center Square) – Former Federal Reserve leaders and a top Republican Senator raised concerns about the independence of the U.S. central bank after Chairman Jerome Powell announced a Justice Department investigation.
Coverage Details
Bias Distribution
- 63% of the sources lean Left
Factuality
To view factuality data please Upgrade to Premium
