Federal Reserve Chair Powell Says DOJ Has Subpoenaed Central Bank, Threatens Criminal Indictment
HuffPost
The move represents a major escalation in President Donald Trump's battle with the Fed.
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell said Sunday the Department of Justice has served the central bank with subpoenas and threatened it with a criminal indictment over his testimony about the Fed’s building renovations.
The move represents a major escalation in President Donald Trump’s battle with the Fed, an independent agency he has repeatedly attacked for not cutting its key interest rate as quickly as Trump prefers.
In a video statement, Powell said the threat of criminal charges are “pretexts” to undermine the Fed’s independence when it comes to setting 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.
“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 added.
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