DOJ Inquiry Into Fed Chair: What to Know

The Federal Reserve was thrust into the spotlight on Jan. 11, after chair Jerome Powell said the Department of Justice threatened a criminal indictment against the central bank over the institution’s over-budget renovations of its headquarters and his congressional testimony last summer. Powell alleged that it was an administration-wide pressure campaign to force Fed officials to lower interest rates. Meanwhile, President Donald Trump denied any knowledge of the probe by federal prosecutors. Here is what to know about the criminal probe. What Happened In a Jan. 11 video statement posted on X, Powell confirmed that, two days prior, the U.S. central bank had been served with grand jury subpoenas by the Department of Justice....