Trump's legal move against Powell raises questions about Fed independence

The Department of Justice reportedly threatened to criminally indict Federal Reserve Chair Jerome Powell and issued subpoenas about renovation costs; Powell said the subpoenas are intended to pressure him to follow President Trump.

The Department of Justice has reportedly threatened to criminally indict Federal Reserve Chair Jerome Powell, creating a tense confrontation between the White House and the central bank. Subpoenas that arrived on Friday seek records about renovation costs at Federal Reserve buildings, including its marble-clad headquarters in Washington. Powell has said the subpoenas are intended to force him to follow President Donald Trump's orders. The situation is being discussed in the context of the Fed's independence and how power is distributed within the federal government. Key points: - The Department of Justice reportedly threatened criminal charges against Federal Reserve Chair Jerome Powell. - Subpoenas were issued seeking documents on renovation costs for Federal Reserve buildings, including its Washington headquarters. - Powell stated the subpoenas are meant to pressure him to follow President Trump's orders. - The matter is described as a tense showdown between the White House and the Federal Reserve. Summary: The dispute centers on questions about the Federal Reserve's independence and the distribution of power within the federal government. Undetermined at this time.