US EditionTrump Team Escalates Attack on Fed's Powell with Criminal Indictment Threat
Trump's team threatens criminal charges against Fed Chair Powell for allegedly misleading Congress about Federal Reserve building renovations, with markets reacting to the escalation, editors warn of risks.
- On Monday, the Trump team threatened criminal charges accusing Federal Reserve Chair Jerome Powell of misleading Congress about renovations to Federal Reserve office buildings, Washington, while markets reacted calmly.
- Months ago, Trump pushed the renovation matter before abandoning it, and editors of the Wall Street Journal said internal miscommunication allowed the prosecution to proceed.
- The editorial argued that the Department of Justice's prosecution is a `self-defeating fiasco` and that changing the Federal Reserve legal status should occur through legislation, not criminal charges, calling recharacterizing routine cost overruns as criminal conduct absurd.
- Investigation has begun to backfire, as members of Trump's Republican caucus express disapproval and editors urge the president to end the prosecution and `fire those responsible for this fiasco` to protect the Federal Reserve's institutional independence.
- Beyond the courtroom, Wall Street Journal editors warned prosecutions risk being seen as attacks on Federal Reserve institutional independence and said altering the Fed's legal status belongs to Congress.
32 Articles
32 Articles
Trump trapped in 'self-defeating fiasco' — and needs to fire aides who put him there: WSJ
The Trump administration's decision to pursue criminal charges against Federal Reserve Chair Jerome Powell drew sharp criticism from Wall Street Journal editors, who characterized the action as "lawfare for dummies."In an editorial, the editors described the Department of Justice's prosecution as a "self-defeating fiasco" destined to end badly if allowed to continue.The charges center on accusations that Powell misled Congress regarding renovati…
Trump could win his battle with Jerome Powell. He still might lose his war with rates.
Chip Somodevilla/Getty Images, Anna Moneymaker/Getty ImagesThis post originally appeared in the Business Insider Today newsletter.You can sign up for Business Insider's daily newsletter here.A picture is worth a thousand words. A video makes a statement.Facing down the threat of a potential criminal indictment, Fed Chair Jerome Powell didn't write a press release.Instead, he turned to the camera, literally, to respond to what he described as the…
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