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The DOJ served the Fed with a subpoena and threatened Powell with a criminal indictment related to the Fed's expensive renovations. Powell, rather than releasing the minimal version of a statement that merely disagreed with the accusation, instead released a statement and video that pretty much went scorched earth, saying this isn't really about the renovations and is instead about the Fed's independent control of interest rates. Historically speaking, this is the biggest direct clash between the Fed and the Executive Branch since the 1940s/1950s.
Board of Governors of the Federal Reserve System
Statement from Federal Reserve Chair Jerome H. Powell
Good evening. On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas, threatening a criminal indictment related...

Replies (29)

Just have to look at the economic data to see this dude is a liar, and a front for the corrupt big spending politicians as they loot billions through Gov't agencies and their NGOs. They are an open ended credit card. No limit. And every dollar borrowed by those politicians is created out of thin air by the push of a computer key. They have been literally counterfeiting our money and destroying it's purchasing power. And guess what the politicians have as collateral for all those loans? You. You pay the IRS taxes which go to paying the interest on all those Treasury Bonds as well as every single dollar in circulation. The FED owns the money. Powell knows this but he will go to his grave before he would ever admit. Everything he says here is Nothing Burger material.