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Fed Chair Powell addresses DOJ criminal investigation
Federal Reserve Chairman Jerome Powell confirmed the central bank had been served by the Justice Department in connection with allegations related to congressional testimony on the renovation of the bank’s headquarters. (Credit: Federal Reserve)
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President Donald Trump’s criminal probe targeting Federal Reserve Chair Jerome Powell marks an extraordinary escalation in his battle with the central bank, sending a clear warning to the next Fed chair about the risks of defying the White House.
Powell confirmed the Department of Justice investigation on Sunday evening in a video statement, calling the move “unprecedented” and another example of what he described as the Trump administration’s ongoing efforts to intimidate the central bank.
Powell’s decision to respond so publicly, after days of private consultation with advisers, marked a sharp departure from the central banker’s typically measured approach.
TRUMP VS THE FEDERAL RESERVE: HOW THE CLASH REACHED UNCHARTED TERRITORY
U.S. Federal Reserve Chairman Jerome Powell confirmed the Trump administration’s criminal investigation in a video statement. (Al Drago/AFP/Getty Images)
The probe focuses on whether Powell was truthful during congressional testimony about the project to overhaul the Fed’s two main buildings on the National Mall. No charges have been filed and Powell has denied any wrongdoing.
Powell, widely viewed as one of the most crisis-tested Federal Reserve chairs in modern U.S. history, built his career as a lawyer and investment banker in New York before entering public service in the administration of President George H.W. Bush. He joined the Federal Reserve’s Board of Governors in 2012 and was tapped to lead the central bank in 2017.
Now, a criminal investigation may represent the biggest test of Powell’s leadership, unfolding as Trump weighs his choice for the next Fed chair with Powell’s term…
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