Jerome Powell confirms criminal investigation, rejects Trump pressure

US prosecutors have launched a criminal investigation into Federal Reserve Chairman Jerome Powell, who confirmed the probe is linked to his Senate testimony regarding a renovation project for historic Fed buildings. Powell stated the investigation stems from the Fed’s decision-making on interest rates, which he asserts was based on public service rather than President Trump’s preferences. The U.S. Attorney’s Office for the District of Columbia is overseeing the case, led by Jeanine Pirro, a Trump appointee. Trump has frequently criticized Powell for not reducing interest rates as quickly as he desired since taking office in January 2025.

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