"The Trump administration has threatened to indict Federal Reserve chair Jerome Powell over congressional testimony he gave last summer about a Fed building project, an action Powell called a "pretext" to gain more influence over the central bank and monetary policy. The development in the long-simmering effort by U.S. President Donald Trump for greater control over the Fed had immediate fallout, with Republican Sen. Thom Tillis, a member of the Senate's banking committee, which vets presidential nominees for the Fed, saying in a statement on X that the threatened indictment puts the Department of Justice's "independence and credibility" in question. Tillis said he would oppose any Trump nominees to the Fed, including the president's coming choice of a new chair, "until this legal matter is fully resolved.""
""On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas, threatening a criminal indictment related to my testimony before the Senate Banking Committee last June," Powell said in a statement on Sunday. "I have deep respect for the rule of law and for accountability in our democracy. No one certainly not the chair of the Federal Reserve is above the law," Powell said in the brief statement released by the Fed late on Sunday. "But this unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure" for lower interest rates, he said."
The Department of Justice served grand jury subpoenas to the Federal Reserve, threatening criminal charges related to Jerome Powell's June testimony before the Senate Banking Committee. Powell said he respects the rule of law but called the DOJ action unprecedented and framed it as part of broader administration pressure for lower interest rates and influence over monetary policy. Republican Sen. Thom Tillis said the threatened indictment undermines DOJ independence and credibility and pledged to oppose any Trump nominees to the Fed until the matter is resolved. President Trump said he had no knowledge of the DOJ action and criticized Powell's performance.
Read at www.cbc.ca
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