President Donald Trump‘s administration just made a shocking move against the Federal Reserve’s top leader. The Justice Department has started a criminal investigation into Jerome Powell, who chairs the Federal Reserve. This has raised serious worries about whether US monetary policy can stay independent.
According to Al Jazeera, Powell said the Justice Department gave the Fed subpoenas. These legal documents are about testimony he gave to Congress regarding a $2.5 billion project to renovate the central bank’s headquarters in Washington, DC. Powell believes the concerns about this renovation project are just excuses to weaken the central bank’s power to set interest rates.
