On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas, threatening a criminal indictment related to Chairman Jerome Powell’s testimony before the Senate Banking Committee last June. That testimony concerned in part a multi-year project to renovate historic Federal Reserve office buildings.
In a statement, Powell said, “The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President.”
North Carolina Republican U.S. Senator Thom Tillis agreed, saying, “If there were any remaining doubt whether advisers within the Trump Administration are actively pushing to end the independence of the Federal Reserve, there should now be none. It is now the independence and credibility of the Department of Justice that are in question.”
Tillis said he will oppose the confirmation of any nominee for the Fed—including the upcoming Fed Chair vacancy—until this legal matter is fully resolved.
N.C. U.S. Senator says Trump Administration actively pushing to end independence of the Federal Reserve
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