"In an extraordinary video Sunday night, Federal Reserve Chair Jerome Powell said he had been served with grand jury subpoenas as part of a criminal investigation into his testimony about the Fed's Washington, DC, headquarters. While much has been made over whether the probe is a pretext for President Donald Trump to remove Powell as Fed chairman, far less attention has been paid to what Powell actually said in the June Senate testimony that sparked the Justice Department investigation."
"At the June hearing, Powell got into a heated exchange with Sen. Tim Scott, the Republican chair of the Senate banking committee, who criticized the Federal Reserve for "lavish renovations" of its main offices. Powell's responses to Scott's questions prompted one of Trump's allies in the House of Representatives to send a criminal referral to the Justice Department, accusing Powell of perjury."
Federal Reserve Chair Jerome Powell was served with grand jury subpoenas in a Justice Department criminal investigation focused on his Senate testimony about the Fed's Washington, D.C., headquarters renovations. The June hearing included a heated exchange with Sen. Tim Scott over alleged "lavish renovations" to Fed offices. Rep. Anna Paulina Luna sent a criminal referral alleging perjury after Powell said one Fed building never had a "serious" renovation and denied plans to implement opulent features. A planning document cited "rooftop garden terraces," "ornate water features," and new elevators. The probe has prompted questions about potential political motivations.
Read at Business Insider
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