US EditionFederal prosecutors open criminal investigation into the Fed and Jerome Powell
- On Friday, the Department of Justice served grand‑jury subpoenas to the Federal Reserve and its chair, opening a criminal investigation overseen by Jeanine Pirro, U.S. Attorney in D.C., The New York Times reported.
- During a Senate hearing last June, Powell discussed the renovation project, disputing claims it exceeded $3 billion and saying it was closer to $2.5 billion and self-funded by the Federal Reserve.
- Powell wrote `That testimony concerned in part a multi-year project to renovate historic Federal Reserve office buildings`, emphasizing `I have deep respect for the rule of law and for accountability in our democracy` to defend the investigation, which he called `pretexts`.
- On Jan 12, the U.S. dollar fell and gold rose to a record after the report as the U.S. dollar index dropped 0.3% to 98.899 and gold hit US$4,563.61 an ounce.
- Powell's second term ends in May, and the White House could nominate a successor next month, while Sen. Thom Tillis, R-N.C., said he will withhold votes until the legal matter is resolved.
202 Articles
202 Articles
The U.S. Department of Justice has opened a criminal investigation into Federal Reserve Chairman Jerome Powell regarding renovations to the Fed's headquarters. Many observers point out that this case indicates Trump's intent to exert significant pressure on the Fed.
The tension between the White House and the Federal Reserve officially became a political war, after it was revealed that federal prosecutors in Washington opened a criminal investigation against Jerome Powell, current president of the Fed, regarding the costly renovations of the headquarters of the agency and possible inconsistencies in their statements before Congress.Read more]]>
Jerome Powell said the Fed received a summons and attributed the action to Trump's pressure to lower interest rates
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