Summary
Lawmakers from both political parties are unhappy with President Donald Trump's actions towards Federal Reserve Chair Jerome Powell. Trump is reportedly probing Powell over his handling of Fed office renovations and some lawmakers think Trump is trying to control the Fed. They have said they will block any new nominee for Powell's position until the situation is resolved.
Key Facts
- President Donald Trump started a probe into Federal Reserve Chair Jerome Powell.
- Some lawmakers from both parties are criticizing Trump for this move.
- The Department of Justice issued subpoenas related to Powell's testimony about office renovations.
- Trump called Powell names for not reducing interest rates as quickly as he wanted.
- Powell's testimony involved a renovation project that increased in cost from $1.9 billion to $2.5 billion.
- Some lawmakers believe the probe is an attempt by Trump to control the Federal Reserve.
- Trump is planning to nominate a new Fed Chair, but some senators plan to block any new nomination.
- Senators argue this situation threatens the independence of the Federal Reserve.
