WASHINGTON ¨C Jerome Powell, head of the U.S. Federal Reserve, said on Sunday the Justice Department has opened a criminal investigation against him for allegedly misleading Congress about a building renovation project at the central bank¡¯s headquarters.
The action marks a dramatic escalation in President Donald Trump¡¯s pressure campaign against the top policymaking body for the U.S. economy, which Trump thinks is not lowering interest rates fast enough.
The White House says Trump did not order the investigation, but Trump, who has threatened to fire Powell, has called on him to resign, and has said he should face legal consequences for the renovation¡¯s cost overruns.
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