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Federal Reserve (Fed) Chair Jerome Powell mentioned in an announcement that the US Justice Division has threatened legal costs towards him in connection together with his Senate Testimony final June, throughout which he mentioned the estimated $2.5 billion renovation.
“On Friday, the Division of Justice served the Federal Reserve with grand jury subpoenas, threatening a legal indictment associated to my testimony earlier than the Senate Banking Committee final June,” Powell mentioned.
Video message from Federal Reserve Chair Jerome H. Powell: https://t.co/5dfrkByGyX pic.twitter.com/O4ecNaYaGH
— Federal Reserve (@federalreserve) January 12, 2026
In line with Powell, the transfer is unprecedented and a direct problem to the Fed’s independence.
The probe’s launch by the US legal professional’s workplace in Washington, accredited in November by Jeanine Pirro, a President Trump ally appointed final 12 months to run the workplace, features a assessment of Powell’s public testimony and an examination of spending data linked to the mission.
Trump Opens New Authorized Entrance In opposition to Fed Chair Powell Amid Price Lower Disputes
The latest investigation now opens a serious new authorized entrance towards Powell, whom Trump has repeatedly attacked for resisting calls for to sharply minimize rates of interest.
President Trump has repeatedly and publicly threatened to fireplace the Fed chair, regardless of nominating him in 2017, and has raised the prospect of authorized motion over the renovation, which he described as “incompetence.”
Despite the fact that Powell stands and respects accountability, he has repeatedly warned that the motion should be considered in its broader political context of the administration’s threats and ongoing strain.
“This new menace will not be about my testimony final June or concerning the renovation of the Federal Reserve buildings. It’s not about Congress’s oversight function,” he mentioned.
As a substitute, Powell instantly linked the menace to financial coverage choices. “These are pretexts. The specter of legal costs is a consequence of the Federal Reserve setting rates of interest based mostly on our greatest evaluation of what is going to serve the general public, somewhat than following the preferences of the President,” he mentioned.
Powell has now mentioned that he would proceed in his function with out yielding to strain.
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