www.marketwatch.com
Federal Reserve Chair Jerome Powell stated Sunday that the Justice Department served the Fed with grand jury subpoenas on Friday. This action signals an “unprecedented” criminal indictment threat against Powell regarding cost overruns for the renovation of the Fed’s headquarters building. The investigation appears focused on potential mismanagement or costs exceeding initial projections for the project. Powell’s comments highlight the unusual nature of pursuing criminal charges against a sitting Fed Chair. The situation raises concerns about political interference with the central bank’s independence, though the DOJ has not officially confirmed the scope of its investigation beyond the subpoena disclosures.
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