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Powell Says Probe Against Him Stems from Political Pressure
(MENAFN) US Federal Reserve Chair Jerome Powell announced that he is under criminal investigation but rejected any allegations of misconduct, claiming the move is tied to political influence over interest rate decisions.
“This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings,” Powell stated on Sunday in a video message, addressing reports of scrutiny regarding his congressional testimony on a $2.5 billion refurbishment of the central bank’s headquarters.
“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,” he added.
“This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions, or whether instead monetary policy will be directed by political pressure or intimidation.”
According to US media, President Donald Trump’s administration — which has often criticized Powell for being “late” in lowering interest rates — initiated a criminal inquiry into Powell concerning the renovation project and whether he misled Congress about its scope during testimony last June.
Reports indicate that the US Attorney’s Office in Washington is investigating whether Powell gave false statements to legislators.
“This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings,” Powell stated on Sunday in a video message, addressing reports of scrutiny regarding his congressional testimony on a $2.5 billion refurbishment of the central bank’s headquarters.
“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,” he added.
“This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions, or whether instead monetary policy will be directed by political pressure or intimidation.”
According to US media, President Donald Trump’s administration — which has often criticized Powell for being “late” in lowering interest rates — initiated a criminal inquiry into Powell concerning the renovation project and whether he misled Congress about its scope during testimony last June.
Reports indicate that the US Attorney’s Office in Washington is investigating whether Powell gave false statements to legislators.
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