President Donald Trump claimed that he was unaware of the Department of Justice subpoenaing the Federal Reserve and threatening to indict its chairman Jerome Powell while speaking to NBC News during a brief interview Sunday (January 11) night.
“I don’t know anything about it, but he’s certainly not very good at the Fed, and he’s not very good at building buildings,” Trump said when asked of the subpoena and threat to indict Powell.
Powell announced that the U.S. Department of Justice served the Federal Reserve with grand jury subpoenas threatening a criminal indictment against him related to his testimony before the Senate Banking Committee last June in a statement and video message shared Sunday night.
“No one — certainly not the chair of the Federal Reserve — is above the law,” Powell said. “But this unprecedented action should be seen in the broader context of the administration’s threats and ongoing pressure.”
The announcement followed Trump’s yearlong campaign to pressure Powell to lower interest rates, which the federal reserve chairman claims is the reason behind the subpoena.
“The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President,” Powell said.
Trump, however, denied that the Department of Justice’s subpoenas were releated to his opposition to Powell on interest rates.
“No. I wouldn’t even think of doing it that way. What should pressure him is the fact that rates are far too high. That’s the only pressure he’s got,” Trump said via NBC News.
“He’s hurt a lot of people,” he added. “I think the public is pressuring him.”
Powell, a Republican who initially nominated by Trump during his first presidential administration and re-nominated by former President Joe Biden in 2021, is set to conclude his term in May.
Recent Comments