Summary
Federal prosecutors are investigating Jerome Powell, the chair of the Federal Reserve, about renovations to the Fed's building. The Department of Justice has issued subpoenas related to Powell's testimony to Congress on the project. Powell has expressed concern that the investigation affects the Fed's independence from political influence.
Key Facts
- Federal prosecutors are looking into renovations at the Federal Reserve's headquarters.
- The investigation focuses on Jerome Powell's testimony to Congress about the project.
- The Department of Justice issued grand jury subpoenas to the Federal Reserve.
- Powell’s term as Fed chair ends in about four months.
- President Trump has criticized Powell over interest rate policy.
- Powell sees the investigation as a threat to the Fed's independence from political pressure.
- The project in question involves renovating historic Federal Reserve office buildings.
- Powell has expressed a commitment to rule of law and accountability in his statement.
