“The threat of criminal charges is a consequence of the Fed setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the president,” Powell said.
(Jan 12): Federal Reserve (Fed) chair Jerome Powell said the US central bank had been served grand jury subpoenas from the Justice Department threatening a criminal indictment, a dramatic escalation of the Trump administration’s attacks on the Fed.
In a forceful written and video statement released on Sunday evening, Powell said the action is related to his June congressional testimony on ongoing renovations of the Fed’s headquarters. But he said the move “should be seen in the broader context of the administration’s threats and ongoing pressure”.
