Controversy Surrounding Federal Inquiry on Fed Chair Powell

The Trump administration has launched a federal criminal investigation into Federal Reserve Chair Jerome Powell, amid allegations of cost overruns on building renovations. Advisor Kevin Hassett downplays the matter, suggesting transparency issues at the Fed. Critics label the probe politically motivated during President Trump's tenure.

White House advisor Kevin Hassett minimized the federal investigation into Federal Reserve Chair Jerome Powell, predicting it would result in 'nothing to see.' This investigation scrutinizes a $2.5 billion renovation at Fed's headquarters, under Powell's oversight.

The probe, disclosed by Powell, has prompted allegations of political pressure for not bending to President Trump's interest rate cut demands. Hassett, a potential Powell replacement, articulated on Fox Business the necessity for clearer communication from the Fed regarding these cost overruns.

Global economic figures and bipartisan US officials criticize this investigation, viewing it as a sensitive policymaker's politicization. Although Powell's term concludes in May, Trump has not yet announced any replacements, and criticism continues to arise from various factions, including Trump's own party.