Justice department opens investigation into Jerome Powell as Trump ramps up campaign against Federal Reserve
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The Department of Justice has opened a criminal investigation into Federal Reserve Chair Jerome Powell, escalating Donald Trump's criticism of the central bank. The investigation, initiated by the US attorney’s office in the District of Columbia and approved in November, centers on whether Powell lied to Congress regarding renovations to the Fed’s office buildings. Grand jury subpoenas were served to the Fed on Friday. Powell insists the investigation is an attempt to undermine the Fed's independence in setting interest rates based on economic conditions, rather than political pressure. Trump has repeatedly attacked Powell and the Fed for not lowering interest rates as he desired, and has sought to exert greater control over the central bank's decisions. The inquiry includes an analysis of Powell’s public statements and an examination of spending records.
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