"The investigation marks the most aggressive step yet in Trump's campaign to bend the traditionally independent central bank to his will. Trump has publicly berated Powell for being too slow to lower interest rates. Trump has said he was thinking of suing Powell for gross incompetence. The administration is also attempting to remove Fed governor Lisa Cook in a case that is before the Supreme Court."
"I have deep respect for the rule of law and for accountability in our democracy. No onecertainly not the chair of the Federal Reserveis above the law. But this unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure. This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings. It is not about Congress's oversight role; the Fed through testimony and other public disclosures made every effort to keep Congress informed about the renovation project. Those are pretexts. The threat of"
The Justice Department is investigating Federal Reserve Chair Jerome Powell for his testimony about the Fed's building-renovation project. The investigation occurs amid sustained pressure from the Trump administration to lower interest rates and efforts to influence the Fed's independence. President Trump has publicly criticized Powell, suggested legal action, and pursued removal of Fed governor Lisa Cook. Trump said he did not know about DOJ subpoenas and framed pressure around high rates. Powell released a video defending the rule of law, calling the investigation unprecedented and saying the cited reasons are pretexts. The Fed says it kept Congress informed about the renovation.
Read at www.esquire.com
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