"The Justice Department confirmed Sunday that Powell, whose term ends in May, was the subject of an investigation focused on the multibillion-dollar renovation of the Fed's Washington headquarters and whether the chair was truthful in congressional testimony about it. On Capitol Hill, the investigation has triggered unease among Democrats and Republicans, who have cautioned the move appears to be politically motivated by Powell's resistance to lowering interest rates."
"Look, Jay Powell has not been a cooperative member of our America First economic plan. He just hasn't, he began. From his Biden days to coming in here, to blaming things in certain policy initiatives, to being slow on interest rates and now being slower. No, I think we will all come to our senses, do what's right for the American economy and that means a new Fed chair that is in line with the president's America First plan."
Federal Reserve Chair Jay Powell was the subject of a Justice Department investigation concerning the multibillion-dollar renovation of the Fed's Washington headquarters and whether he was truthful in congressional testimony. The probe has raised unease among both Democrats and Republicans, with warnings that the move could be politically motivated by Powell's reluctance to lower interest rates and could undermine Fed independence. Some Republican senators have vowed to block nominations for a replacement until the matter is resolved. Representative Dan Meuser criticized Powell's alignment with the America First economic plan, while Maria Bartiromo cautioned that an investigation does not necessarily indicate wrongdoing.
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