"Federal Reserve Chair Jerome Powell released a highly unusual weekend video message to announce that the Department of Justice served the nation's central bank with grand jury subpoenas, signaling a criminal investigation targeting the Fed and specifically Powell. It's the sort of response one would expect from a national leader responding to an unprovoked attack by a rogue state, which - under the circumstances - might be the appropriate aesthetic for the moment."
"Powell's statement explains that the DOJ is probing Powell's June testimony to the Senate Banking Committee, covering cost-overruns in the renovation of Federal Reserve buildings. Blasting the cost of the Fed renovations has taken on totemic power among Trump and his allies as they search for a reason to punish the central bank for refusing to slash interest rates given the country's dodgy economic outlook."
The Department of Justice served the Federal Reserve with grand jury subpoenas, initiating a criminal probe targeting Federal Reserve Chair Jerome Powell. The probe centers on Powell's June Senate Banking Committee testimony about cost overruns in renovations of Federal Reserve buildings. Criticism of the renovation costs became a political weapon for Trump and allies seeking reasons to punish the Fed for resisting rate cuts. A spokesperson for Attorney General Pam Bondi said the department wants to 'prioritize investigating any abuse of taxpayer dollars.' Renovation cost increases were linked to administration-ordered design changes and tariff-driven spikes in materials; Powell complied with the design demands.
Read at Above the Law
Unable to calculate read time
Collection
[
|
...
]