"Federal Reserve Chair Jerome Powell sent a letter dated July 14, 2025, to key senators on the Banking, Housing, and Urban Affairs Committee, following his testimony before Congress about renovations to the central bank buildings. In it, the Fed chair gave lawmakers a detailed and expansive response to inquiries about the renovations. Powell's letter to the Senate Banking Committee, obtained by Business Insider, was sent 10 days before giving President Donald Trump and other White House officials a tour of the renovation site on July 24, 2025."
"Powell announced via video message on January 11 that the Department of Justice served grand jury subpoenas to the Federal Reserve. He said the probe is into his June testimony about renovations at historic Fed office buildings, but warned that it was a pressure tactic over interest rates. "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.""
Federal investigators served grand jury subpoenas to the Federal Reserve probing Jerome Powell's June congressional testimony about renovations to historic Fed buildings. Powell sent a July 14, 2025 letter to key senators detailing the history, repairs, working conditions, and budget for the Washington, DC buildings. The letter was obtained by Business Insider and was sent ten days before Powell escorted President Donald Trump and White House officials on a July 24 tour of the renovation site. Representative Anna Paulina Luna filed a criminal referral accusing Powell of misleading Congress. Powell characterized the DOJ action as a pressure tactic aimed at influencing interest-rate decisions.
Read at Business Insider
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