"On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas threatening a criminal indictment related to my testimony before the Senate Banking Committee last June, Powell announced on Sunday in an unusual video posted on the Federal Reserve's X account. That testimony concerned in part to a multi-year project to renovate historic Federal Reserve office buildings, Powell stated."
"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. In what is one of the most serious assaults on the Federal Reserve's independence in its history, Trump has spent months attacking, insulting, and threatening to fire Powell, who was appointed Fed chair by the Republican tycoon himself during his first term in 2018."
Jerome Powell confirmed that the U.S. Justice Department has opened a criminal investigation into him over renovation work at the Federal Reserve's Washington headquarters. Federal prosecutors are examining whether Powell lied during his congressional appearance last summer about the renovation project. The Department of Justice served the Federal Reserve with grand jury subpoenas threatening a criminal indictment tied to his Senate testimony. Powell said the investigation followed his refusal to yield to President Trump's demands for steeper interest-rate cuts and characterized the action as linked to efforts to undermine the Federal Reserve's independence.
Read at english.elpais.com
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