Politics

Federal Reserve Chair Jerome Powell has endured the year-long parade of attacks, threats, and insults from President Donald Trump with the sort of reserve expected of nonpartisan public officials — until Sunday.

(eds note: fantastic use of "reserve" in the lede)

In a video released on social media, Powell revealed that the Department of Justice — through the D.C. U.S. attorney’s office — had opened an investigation into Powell’s oversight of renovations being made to the Federal Reserve’s historic headquarters.

“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, whose term as chair will end in May, said. “This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions — or whether instead monetary policy will be directed by political pressure or intimidation.”

Powell, who has worked in American monetary policy since the 1980s, has been a public target of Trump, who seems to believe he should control the nation’s traditionally independent monetary policy (along with the rest of the federal government). Trump has repeatedly bashed Powell and the reserve for refusing to lower the federal interest rate, calling Powell a “stupid person” and threatening to fire him from his position, despite lacking the authority to do so.