Jerome Powell, the chairman of the Federal Reserve, was the subject of a criminal investigation by federal prosecutors, he announced on Sunday. Powell said in a video announcing the investigation that the US Justice Department threatened to file a criminal indictment against the agency for testimony he provided to a Senate committee regarding repairs to Federal Reserve buildings and sent the agency with subpoenas.
He described the investigation as “unprecedented” and said he thought it was started because he angered President Donald Trump by refusing to cut interest rates in spite of the president’s frequent public pressure. The Fed chair is the most recent person to disagree with Trump and then be the subject of a criminal investigation by the US Justice Department.
Powell stated, “This is about whether the Fed will be able to continue setting interest rates based on evidence and economic conditions, or whether monetary policy will instead be directed by political pressure or intimidation.
I have a great deal of respect for accountability in our democracy and the rule of law. He continued, “This extraordinary action should be viewed in the larger context of the administration’s threats and ongoing pressure, but no one, certainly not the chair of the Federal Reserve, is above the law.
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