Donald Trump has undertaken a misguided mission by stripping the Federal Reserve of its independence so that he can lower interest rates at will, even though he fails to understand that doing so in today’s economy will lead to increased inflation and higher prices.
Trump has threatened and insulted Jerome Powell since returning to office, but his smear campaign has failed, so the president is using his DOJ to investigate Powell in hopes of getting him to resign.
The Wall Street Journal reported:
U.S. prosecutors are investigating Federal Reserve Chairman Jerome Powell following his testimony last summer about the central bank’s building renovation project, according to government officials with knowledge of the matter.
The Fed received subpoenas from the Justice Department grand jury on Friday that threaten criminal indictments, the Fed chairman said in a statement.
Powell responded in a video statement in which he said in part: “It’s a question of whether the Fed will be able to continue setting interest rates based on evidence and economic conditions – or whether, instead, monetary policy will be driven by political pressure or intimidation.” »
In previous years, it could have stopped there. However, Republicans are increasingly treating Trump like a lame duck and defying him.
The challenge comes from the Senate and could shut down Trump for the rest of the year..
Learn more below.