Federal Reserve Chairman J. Powell struck a defiant tone revealing DOJ served grand jury subpoenas related to his testimony about Fed building construction.
Eamon
Jerome Powell
The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the president.
DOJ investigation is being run by U.S. Attorney Jeanine Pirro, a longtime political ally of President Trump.
Eamon
Questioning whether there's any evidence Powell was untruthful in his testimony about Fed construction.
Andrew
Investigation will turn on how Powell described luxury items in construction project and whether descriptions were materially false.
Eamon
Representative Anna Paulina Luna referred Powell to DOJ for criminal investigation back in July.
Eamon
Republican senator says if there were any remaining doubt about whether Trump advisors are pushing to end Fed independence, there should be none.
Andrew
Trump says he doesn't know about investigation but Powell is not very good at the Fed and not very good at building buildings.
Andrew
Powell's defense will look for evidence investigation was directed by president, but such communications may be privileged.
Eamon
This is a grand jury investigation - Congress cannot stop it once initiated.
Eamon
CEOs are wary of confronting president directly, prefer working around edges and suggesting alternatives privately.