Justice Dept opens criminal investigation of Fed chair PowellJustice Dept opens criminal investigation of Fed chair Powell

Washington Post: The Justice Department has launched a criminal investigation of Federal Reserve Chair Jerome H. Powell, the central bank said Sunday, tied to the central bank’s renovation of its headquarters office.

Powell accused the Justice Department of using the threat of criminal prosecution to pressure the central bank to lower interest rates, calling newly issued grand jury subpoenas an unprecedented challenge to the Fed’s independence…

NBC: “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,” Powell said…

Reuters: The White House declined to comment, referring questions to the Department of Justice. Trump has demanded the Fed cut rates sharply since resuming office in January, blaming its policy for holding back the economy and musing about firing Powell despite the legal protections ostensibly covering the Fed chair from removal because of a policy dispute…