Source: Fox Business
Summary
Federal Reserve Chair Jerome Powell made 13 calls to senators and House members after the Justice Department opened a criminal probe into his statements to Congress. The calls, which lasted 10-15 minutes each, were made to discuss the investigation and Powell’s accusations that the DOJ was using subpoenas as a “pretext” to pressure the central bank to cut rates. Powell’s schedule also shows a breakfast meeting with Treasury Secretary Scott Bessent. The investigation centers on Powell’s June 2025 testimony to lawmakers regarding the Federal Reserve’s renovation project.
Our Reading
As expected, the matter has reached another stage.
Powell makes rapid-fire calls to lawmakers after the DOJ opens a probe. The calls are brief, 10-15 minutes each. Powell’s schedule is filled with meetings and calls, a familiar pattern for the Fed chair. The investigation into Powell’s testimony on the Federal Reserve’s renovation project continues. The renovation project, estimated to cost $2.5 billion, has been a point of contention between Powell and President Trump. The Fed chair’s term is set to end in May, and Trump has nominated former Fed governor Kevin Warsh to replace him.
Powell’s response to the investigation is notable for its public nature, a departure from his typically measured approach.
Author: Evan Null
