U.S. Treasury Secretary Scott Bessent defended the Department of Justice’s investigation into Federal Reserve Chair Jerome Powell, asserting that accountability does not undermine the Fed’s independence. The investigation is linked to Powell’s June 2025 Senate testimony regarding a costly renovation project for Federal Reserve buildings. Bessent emphasized the need for the Fed to maintain integrity, criticizing its ability to “print magic money” without oversight. Powell has rejected claims of cost overruns, viewing the probe as pressure to lower interest rates.
