An investigation has been launched in the United States against Federal Reserve Chair Jerome Powell. Powell himself announced this in a video address, stating that a criminal probe has been opened in connection with the reconstruction of the Federal Reserve’s headquarters in Washington.
According to Powell, the US Department of Justice has sent subpoenas to the Federal Reserve and warned him of potential criminal charges related to testimony he previously gave to a US Senate committee regarding the renovation of the Fed’s headquarters.
Powell described the investigation as “unprecedented” and said he believes it is directly linked to President Donald Trump’s dissatisfaction with his refusal to cut the key interest rate.
“This is about whether the Federal Reserve will continue to set interest rates based on data and economic conditions, or whether monetary policy will be dictated by political pressure or intimidation,” Powell said.
He emphasized that he deeply respects the rule of law and accountability in a democratic system, noting that no one, including the Chair of the Federal Reserve, is above the law. At the same time, Powell urged that the situation be viewed in the broader context of ongoing threats and pressure from the administration.
“I deeply respect the rule of law and accountability in our democracy. However, this unprecedented action must be considered in the wider context of continued pressure and intimidation,” he added.
Earlier, the Federal Reserve ignored calls from Donald Trump and left interest rates unchanged, a decision that drew sharp criticism from the president. Following Trump’s attacks on the Fed chair, US stock indices and the dollar declined.
Donald Trump, in an interview with NBC News, said he was not aware of any investigation by the Department of Justice involving the Fed chair. Nevertheless, he criticized Powell’s performance.
“I know nothing about it, but he’s certainly not doing a very good job at the Fed, and he’s not very good at building buildings either,” Trump said.
Source: Statements by Jerome Powell, comments by Donald Trump, US media reports