trumpvspowell،

Federal Reserve Chair Jerome Powell says the U.S. Justice Department has opened a criminal investigation into him and served the Fed with grand jury subpoenas over his testimony about a multi-billion-dollar renovation of the central bank’s headquarters. He described this legal action as “unprecedented”, arguing it should be viewed in the broader context of ongoing pressure from the Trump administration to cut interest rates. Powell called the threat of criminal charges a pretext to undermine the Fed’s independence, asserting that monetary policy should be based on economic evidence—not political influence.

The subpoenas relate to Powell’s June testimony before the Senate Banking Committee about the $2.5 billion renovation project—a topic Trump has repeatedly criticized. Powell denied any wrongdoing and emphasized his respect for the rule of law while defending the Fed’s decision-making autonomy.

President Trump, who has long criticized Powell for not lowering interest rates as aggressively as he wants, denied knowing about the investigation in an NBC News interview but continued to attack Powell’s performance. The episode has sparked concern among economists and lawmakers about political interference in central bank policy and the future of Fed independence.
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