Federal Reserve Chair Jerome Powell has revealed that he is under criminal investigation regarding renovations at the central bank.
Powell stated that federal prosecutors are examining the $2.5 billion renovation of the Fed’s Washington, D.C., headquarters as well as his testimony to Congress.
In a video statement posted to X on the Federal Reserve’s account, Powell revealed “the threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President.”
“This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions — or whether instead monetary policy will be directed by political pressure or intimidation,” Powell continued.
“In every case, I have carried out my duties without political fear or favor, focused solely on our mandate of price stability and maximum employment,” he said. “Public service sometimes requires standing firm in the face of threats. I will continue to do the job the Senate confirmed me to do, with integrity and a commitment to serving the American people.”
Trump told reporters Sunday night that he knew nothing about the Justice Department probe. “I don’t know anything about it, but he’s certainly not very good at the Fed, and he’s not very good at building buildings.”
During a July visit to the Fed’s headquarters, Trump and Powell publicly disagreed over the project’s cost overruns. Trump claimed the expense had increased to $3.1 billion, but Powell disputed this figure.
Sen. Thom Tillis, a Republican from North Carolina and a Banking Committee member, expressed his opposition to any Trump nominee for the Fed, including Powell’s replacement or other Fed board nominee, “until this legal matter is fully resolved.”
By CEO NA Editorial Staff
