U.S. Attorney Jeanine Pirro defended her office's investigation into the Federal Reserve, stating that subpoenas were issued because the Fed ignored multiple outreach attempts regarding cost overruns and Chairman Jerome Powell's congressional testimony.
Powell had previously stated the Justice Department was "threatening a criminal indictment" related to his June testimony about the Fed's office building renovations, which saw costs increase from $1.9 billion to $2.5 billion. Pirro clarified that the word "indictment" originated from Powell and that her office makes decisions based on merits, expecting Powell's full cooperation.
Powell, however, believes the reasons for the probe are "trumped up" and linked the investigation to political pressure from President Donald Trump to lower interest rates. Several Republican and Democratic lawmakers have voiced support for Powell, viewing the investigation as an attempt at coercion and an abuse of law by the White House.
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