Fed Chief Says Trump Admin Using Criminal Probe as “Intimidation”
The nation's top banker has faced persistent criticism from President Donald Trump for declining to implement more aggressive interest-rate reductions. Trump has additionally challenged the Fed's $2.5 billion expenditure on historic building renovations, calling the spending wasteful.
According to The New York Times, U.S. Attorney for the District of Columbia Jeanine Pirro—a long-standing Trump supporter—greenlit the investigation last November. The probe examines whether Powell misled lawmakers regarding renovation project details and expenses, the outlet reported Sunday, citing sources familiar with the matter.
In a video statement posted to X, Powell directly challenged the investigation's legitimacy. "This new threat is not about my testimony [to Congress] last June or about the renovation of the Federal Reserve buildings," Powell declared, calling the Justice Department's stated rationale "pretexts."
Trump has distanced himself from the probe. "I don't know anything about it, but he's certainly not very good at the Fed, and he's not very good at building buildings," he told NBC news Sunday.
The president has repeatedly suggested removing Powell, contending the Fed's cautious approach to rate cuts has hampered economic growth.
Powell insists he has consistently performed his duties "without political fear or favor," regardless of which party controls the White House, and pledged to maintain that independence. Originally appointed Fed chair by Trump in 2018 during his first term, Powell received renomination from former President Joe Biden in 2022.
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