US prosecutors have launched a criminal investigation into Jay Powell over a $2.5bn renovation of the Federal Reserve’s headquarters, sharply escalating the Trump administration’s confrontation with the central bank.
Powell said on Sunday that the Fed on Friday received grand jury subpoenas and a threat of criminal indictment from the justice department relating to his testimony before Congress last summer about the renovation.
He said the legal action was a pretext to rein in the Fed’s independence to set interest rates. It comes as Trump has repeatedly attacked Powell, calling him a “stubborn mule” for declining to slash borrowing costs, and has sought to sack other top officials.
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