"The New York Times reported on Sunday that the probe relates to renovations to the Federal Reserve's headquarters in Washington, D.C., and whether Powell lied to Congress about them. Powell responded by releasing a video saying the renovations and his testimony to Congress are pretexts to hide the real reason, which is that the chairman has resisted President Donald Trump's pleas to dramatically slash interest rates to try to boost economic activity."
"I know Chairman Powell very well, Kennedy said. I will be stunned, I will be shocked if he has done anything wrong. Other GOP senators also expressed disapproval. I don't think Jay Powell's a criminal, Sen. Kevin Cramer (R-ND) said outside the Capitol on Monday, before nonetheless appearing to accept the premise of the investigation. If we were to do an indictment on everybody that misled Congress in a hearing, we'd have to build a couple of new federal penitentiaries."
The Department of Justice opened a criminal investigation into Federal Reserve Chairman Jerome Powell over renovations to the Fed's Washington headquarters and whether he lied to Congress about them. Powell released a video asserting the renovations and his testimony are pretexts to punish his resistance to President Trump's requests for large interest-rate cuts. Several Republican senators, including John Kennedy, Kevin Cramer, Steve Daines and Thom Tillis, publicly defended Powell, expressed doubt he committed crimes, and emphasized Federal Reserve independence. Treasury Secretary Scott Bessent voiced concern about market impacts. Powell's term expires in May.
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