Summary
President Donald Trump stated he does not know about the Department of Justice's investigation into the Federal Reserve, despite it being reported that subpoenas were issued concerning its renovation expenses. Federal Reserve Chair Jerome Powell announced the investigation while asserting that it might be linked to pressure from the administration to lower interest rates. The inquiry involves a renovation project exceeding its budget by $600 million.
Key Facts
- President Trump said he has no knowledge of the DOJ's investigation into the Federal Reserve.
- The DOJ issued subpoenas related to the Federal Reserve's office building renovations.
- Jerome Powell, Chair of the Federal Reserve, mentioned the inquiry following his Senate testimony about the renovations.
- President Trump asserts the investigation is not related to interest rates, despite Powell suggesting otherwise.
- The Fed is conducting a $2.5 billion renovation project, which is $600 million over budget.
- The Federal Reserve is funded by its operations, not taxpayer money.
- The DOJ's Attorney General Pam Bondi has instructed attorneys to prioritize cases involving taxpayer money abuse.
- Powell's term as chair ends in May 2026, but he remains on the board till 2028.
