Powell blasts DOJ criminal probe as attack on Fed independence. 'Public service sometimes requires standing firm in the face of threats'

(Credit: Al Drago/Bloomberg via Getty Images)

Federal Reserve Chairman Jerome Powell called out the Trump administration for attacking the central bank’s independence, saying a criminal probe is due to the Fed’s refusal to lower rates earlier this year as President Donald Trump demanded.

Powell said in a statement Sunday that the Justice Department served the Fed with grand jury subpoenas, threatening a criminal indictment over his testimony before the Senate last June related to renovations on the headquarters, which has seen cost overruns.