Summary
The U.S. Department of Justice is investigating Federal Reserve Chair Jerome Powell over allegations of misleading Congress about the cost and scope of a renovation project. The investigation was approved by Attorney Jeanine Pirro in November. President Trump stated he was not aware of the investigation details but has expressed a desire to remove Powell from his position.
Key Facts
- Federal Reserve Chair Jerome Powell is under investigation by the federal government.
- The investigation focuses on Powell's role in a renovation project that exceeded its budget.
- The U.S. Attorney for the District of Columbia, Jeanine Pirro, approved the investigation.
- The renovation project began during Trump's first term at a cost $600 million over the original budget.
- President Trump has openly expressed his wish to remove Powell as Fed Chair.
- Powell has faced criticism from Trump for his measured approach to reducing interest rates.
- The investigation adds to ongoing tensions between Trump and Powell.
- Powell's term as chair ends in May, but he can stay as a Fed governor until January 2028.
