Senator Jerome Powell confirmed that the recent actions taken against the Federal Reserve represent merely a pretext aimed at increasing the administration’s influence over the central bank and monetary policies.
Powell revealed the subpoenas in a statement, explaining that the Department of Justice delivered grand jury subpoenas to the Federal Reserve on Friday, threatening a criminal indictment related to his testimony before the Senate Banking Committee last June. He added that this action should be viewed deeply, expressing his profound respect for the rule of law and the principle of accountability in American democracy.
Powell continued, emphasizing that this unprecedented measure must be seen in a broader context: the repeated threats and continuous pressure exerted by the administration to lower interest rates and gain a greater role in Federal Reserve decisions. He stated that the new threat is not about his testimony before Congress, nor the renovation of Federal Reserve buildings, nor Congress’s oversight role, considering all of these to be mere pretexts.
The Senator indicated that the threat of criminal charges came as a result of the Federal Reserve setting interest rates based on what it deems to be in the public interest, rather than according to the President’s preferences.
Commenting on the case, President Trump told NBC News that he was unaware of the Department of Justice’s actions, adding that Powell is not good at managing the Federal Reserve or overseeing construction projects. In contrast, a Department of Justice spokesperson declined to comment on the case but noted that the Attorney General directed U.S. Attorneys to prioritize investigations into any misuse of taxpayer funds.
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