Jerome Powell is facing a criminal investigation over his testimony to Congress about the renovation of the Federal Reserve buildings<\/p>\n
US President Donald Trump\u2019s administration is using a criminal investigation as \u201cintimidation\u201d to pressure the Federal Reserve over its monetary policy, Fed Chair Jerome Powell said on Monday.
\nThe US president has long criticized Powell for refusing to make bigger interest-rate cuts, as well as over the $2.5 billion in reconstruction costs of the institution\u2019s historical buildings, which Trump described as excessive.
\nThe inquiry into whether Powell lied to Congress about the scope and costs of the Fed buildings renovation was approved in November by US Attorney for the District of Columbia Jeanine Pirro, a longtime Trump ally, the New York Times wrote on Sunday, citing insiders.
\n\u201cThis new threat is not about my testimony [to Congress] last June or about the renovation of the Federal Reserve buildings,\u201d Powell said in a video address published on X, arguing that the reasons given by the Department of Justice for the probe \u201care pretexts.\u201d<\/p>\n
\u201cThis is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions \u2013 or whether instead monetary policy will be directed by political pressure or intimidation\u201d<\/p>\n
The US president has denied any links to the investigation.<\/p>\n
Read more<\/p>\n
Dollar nosedives to three-year lows<\/p>\n
\u201cI don\u2019t know anything about it, but he\u2019s certainly not very good at the Fed, and he\u2019s not very good at building buildings,\u201d he told NBC news on Sunday.
\nTrump had long threatened to replace Powell, arguing that the Fed\u2019s refusal to cut rates faster was slowing down the US economy.
\nPowell has maintained that he has always done his job \u201cwithout political fear or favor,\u201d no matter the administration, and has vowed to continue to do so. He has served as Fed chair since 2018, nominated for the position by Trump during his first presidential term, and renominated by former President Joe Biden in 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"
Jerome Powell is facing a criminal investigation over his testimony to Congress about the renovation of the Federal Reserve buildings US President Donald Trump\u2019s administration is using a criminal investigation…<\/p>\n","protected":false},"author":1,"featured_media":26028,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[4,6,3],"tags":[],"class_list":["post-26027","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-environment","category-politics"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/mongolianews.mn\/index.php?rest_route=\/wp\/v2\/posts\/26027","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mongolianews.mn\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mongolianews.mn\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mongolianews.mn\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mongolianews.mn\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26027"}],"version-history":[{"count":0,"href":"https:\/\/mongolianews.mn\/index.php?rest_route=\/wp\/v2\/posts\/26027\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mongolianews.mn\/index.php?rest_route=\/wp\/v2\/media\/26028"}],"wp:attachment":[{"href":"https:\/\/mongolianews.mn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26027"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mongolianews.mn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26027"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mongolianews.mn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26027"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}