Department of Justice is investigating Federal Reserve Chairman Jerome Powell for allegedly providing false statements to Congress about a costly renovation of two Fed buildings in Washington. This inquiry was opened last November and is focused on the project's escalating costs, which have significantly surpassed initial estimates.
1. Investigation Details:
• The inquiry pertains to statements made by Powell regarding the renovation cost, which has risen from $1.9 billion to over $2.5 billion.
• Grand jury subpoenas have been issued to obtain budget records and communications related to the project.
2. Powell's Background:
• Jerome Powell was appointed by President Trump in 2017 and reappointed by President Biden in 2021.
• He has faced criticism from Trump for not lowering interest rates, affecting the housing market and economic plans.
3. Political Context:
• Following the investigation news, Powell labeled it as an attempt at “political pressure [and] intimidation” from Trump.
• Reactions to the investigation varied, with some defending Powell while condemning the political environment.
4. Public Perception:
• The “No Kings” movement, which protests perceived authoritarian leadership, notably defended Powell despite his role in overseeing the expansion of an already powerful institution.
• Contradictory reactions highlight a divide where previous criticisms of figures associated with Trump do not extend to Powell, despite significant financial concerns raised.
5. Funding and Accountability:
• The Federal Reserve, although not directly funded by taxpayers, operates with public interests and finances, raising questions about the necessity of such a lavish renovation amidst national debt issues.
The investigation into Jerome Powell raises important questions about accountability, the Federal Reserve's spending practices, and political influence in monetary policy. The contrasting defense of Powell illustrates the complexities in American political discourse surrounding authority and governance.
https://www.declassified.live/p/the-no-kings-crowd-defends-fed-monarch
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