Summaries > > > Jay Powell: DOJ Threatens Criminal I...
TLDR Federal Reserve Chair Jerome Powell announced that the Department of Justice (DOJ) has issued subpoenas to the Fed and threatened criminal indictment related to his testimony on the Fed's $2.5 billion office building renovations. This action is seen as part of President Trump's ongoing criticism of the Fed for its interest rate policies. Powell emphasized that the DOJ's actions could undermine the Fed's independence in setting monetary policy. The DOJ stated it cannot comment on specific cases but highlighted the priority of investigating the misuse of taxpayer funds. Republican Senator Thom Tillis expressed his opposition to any future Fed nominees until the legal issues are resolved, raising concerns about the independence of both the Fed and the DOJ.