Fed Chair Powell says DOJ has subpoenaed central bank, threatens criminal indictment
Category: News & Politics
Via: john-russell • 10 months ago • 5 commentsBy: Christopher RugaberAP Economics Writer (Los Angeles Times)
S E E D E D C O N T E N T
WASHINGTON — 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 Trump's battle with the Fed, an independent agency he has repeatedly attacked for not cutting its key interest rate as quickly as he prefers.
In a video statement, Powell said the criminal charges being threatened are "pretexts" to undermine the Fed's independence when it comes to setting 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.
A spokesperson for U.S. Atty. Jeanine Pirro's office didn't immediately respond Sunday to a text message and phone call seeking comment.
Rugaber writes for the Associated Press.
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I'm not sure Trump won't try and indict the Pope.
The Trumpist regime has one goal - destroy the American way of life.
Jerome Powell's response
(7) Federal Reserve on X: "Video message from Federal Reserve Chair Jerome H. Powell: https://t.co/O4ecNaYaGH" / X
Guess the administration has determined that it needs more distractions from the disaster it is causing..
Powell embarrassed Trump last year, in front of the media, and MAGA will have its revenge!