The US Justice Department has launched a criminal probe into Federal Reserve Chair Jerome Powell.
The central bank said an investigation had been opened into the renovation of its headquarters last summer – and allegations that Mr Powell lied to Congress about how much it cost.
Jerome Powell (right) accused the DOJ of using the threat of criminal prosecution to pressure him to lower interest rates
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Mr Powell accused the DOJ of using the threat of criminal prosecution to pressure him to lower interest rates – for which Donald Trump has pushed for a long time.
He said that newly-issued grand jury subpoenas were an unprecedented challenge to the Federal Reserve’s independence.
“The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President,” Mr Powell said in a fiery statement on Sunday night.
