Fed Chair Jerome Powell vows to ‘stand firm in face of threats’ after Trump’s DOJ launches probe
Jerome Powell blasts DOJ investigation after grand jury subpoenas
- Jerome Powell, chair of the US Federal Reserve, issued a lengthy statement in response to grand jury subpoenas by the Trump administration.
- The Department of Justice is investigating Powell over comments he made to Congress last June.
- The comments were in relation to a multi-year project to renovate historic Federal Reserve office buildings.
- Powell insisted the investigation is a “pretext,” writing, “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.”
- President Donald Trump has denied knowledge of the investigation, stating he does not “know anything” about it.