Translation. Region: Russian Federation –
Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
NEW YORK, Jan. 12 (Xinhua) — The U.S. Federal Reserve confirmed late Sunday that prosecutors are investigating Fed Chairman Jerome Powell over a multi-billion-dollar renovation project at the central bank's headquarters.
In a public statement on the Federal Reserve's website, John Powell said the Justice Department served the Federal Reserve with grand jury subpoenas on Friday, "threatening criminal prosecution in connection with my testimony before the Senate Banking Committee. That testimony, in part, concerned a multi-year project to renovate the Federal Reserve's historic office buildings."
"This unprecedented action must be viewed in the broader context of the administration's threats and ongoing pressure," Powell said. "The threat of criminal prosecution is a consequence of the Fed setting interest rates based on our best assessment of what will serve the public interest, not on the president's preferences," he noted.
"The question is whether the Fed can continue to set interest rates based on evidence and economic conditions, or whether monetary policy will be driven by political pressure or intimidation," the Fed chairman said.
J. Powell emphasized that he “will continue to do the job for which the Senate confirmed me with integrity and a commitment to serving the American people.”
Since taking office in January 2025, US President Donald Trump has repeatedly criticized J. Powell for not cutting interest rates as quickly and to the extent that D. Trump demanded. –0–
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