"Powell said that the probe was being conducted in retaliation for his repeated defiance of Trump's wishes regarding the independent central bank's setting of interest rates. "The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President," Powell said in a nearly two-minute video released by the Fed."
"President Donald Trump isn't backing down from his criticism of Federal Reserve Chair Jerome Powell, even as an increasing number of fellow Republicans express a desire to cool tensions. "Well, he's billions of dollars over budget," Trump told reporters at the White House Tuesday morning before departing for a trip to Michigan. "So, he's either incompetent or he's crooked. I don't know what he is, but he certainly doesn't do a very good job.""
President Donald Trump renewed criticism of Federal Reserve Chair Jerome Powell, calling the Fed's headquarters renovations billions of dollars over budget and questioning Powell's competence and honesty. Powell confirmed a criminal investigation tied to testimony before Congress about the renovations and described the probe as retaliation for his repeated defiance of the President's preferences on interest-rate policy. Powell warned that criminal charges would follow if the Fed set rates to please the President rather than serve the public. The Fed and Powell denied wrongdoing in the $2.5 billion renovation project, citing design changes and other factors for higher costs.
Read at Business Insider
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