Federal Reserve received Justice Department subpoena threatening criminal indictment
The Fed received grand jury subpoenas from the Justice Department on Friday that threaten a criminal indictment relating to Chair Jerome Powell’s testimony last summer about the central bank’s building renovation project.
The Federal Reserve received grand jury subpoenas from the Justice Department on Friday that threaten a criminal indictment relating to Chair Jerome Powell’s testimony last summer about the central bank’s building renovation project, the Fed chair said in a video statement on Sunday night.
Powell said the investigation was a pretext as part of President Trump’s ongoing campaign to pressure the Fed to lower interest rates.
“This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions—or whether instead monetary policy will be directed by political pressure or intimidation," Powell said in a video statement released Sunday night.
Write to Nick Timiraos at Nick.Timiraos@wsj.com
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