Fed Chair Powell Faces Criminal Investigation Over $2.5B Renovation Costs
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
- Investigation Initiated: U.S. prosecutors have launched a criminal investigation into Fed Chair Jerome Powell regarding his congressional testimony about $2.5 billion renovation costs, which could threaten the Federal Reserve's independence.
- Political Pressure: Powell claims the investigation is politically motivated, particularly against the backdrop of the Trump administration's demands for quicker interest rate cuts, which may interfere with the Fed's policy-making autonomy.
- Congressional Response: Republican Senator Tillis warns that the investigation risks undermining the Fed's independence and has stated he will oppose future Fed nominees until the matter is resolved, reflecting bipartisan concerns over the inquiry.
- Powell's Stance: Powell asserts his commitment to fulfilling the Fed's mandate, emphasizing that public service sometimes requires standing firm to ensure the Fed remains insulated from political intimidation, thereby maintaining price stability and maximum employment.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
