Powell Under Pressure: Fed Chair Faces Indictment Threats Amid Rate Dispute

U.S. Federal Reserve Chair Jerome Powell revealed that the Trump administration has threatened him with criminal indictment over his Congressional testimony last summer. The Department of Justice issued subpoenas to the Federal Reserve, which Powell claims are a pretext to pressure him in a dispute over interest rates with President Trump.

U.S. Federal Reserve Chair Jerome Powell disclosed on Sunday that he faces criminal indictment threats from the Trump administration. The tension arises from Powell's Congressional testimony, given last summer, into which the Department of Justice has now launched an investigation. Powell described recent subpoenas delivered to the Fed as a 'pretext' for adding pressure in an ongoing interest rate dispute with President Donald Trump.

The Department of Justice has served the Federal Reserve with subpoenas from a grand jury, directly relating to Powell's testimony before the Senate Banking Committee last June. Powell's statement, issued on Sunday night, suggests larger political machinations at play, as the conflict with the President persists.

This development escalates the standoff between Powell and Trump, highlighting the complex and tense intersection of financial policy, legal oversight, and executive power. As the situation unfolds, it underscores the broader implications for the U.S. financial system and governance standards.

(With inputs from agencies.)