Trump admin threatens Fed Chair Jerome Powell with indictment

Federal Reserve chairman Jerome Powell says that the Trump Administration has threatened him with criminal indictment over his testimony to congress last year, a threat he describes as an act of political intimidation. President Trump, who appointed Powell in his first term of office, has been at odds with the Federal Reserve since his return to power: Trump wants interest rates slashed and more control over the Fed.

Powell revealed the subpoenas and threats in a statement posted to the reserve's website.

"On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas, threatening a criminal indictment related to my testimony before the Senate Banking Committee last June," Powell said. " … No one — certainly not the chair of the Federal Reserve — is above the law. But this unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure."

The "investigation" into Powell concerns renovations to the Federal Reserve's Washington D.C. headquarters, reasons described by Powell as pretexts: "The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President."

As Charlie Thomas wrote: "This is the sort of statement that was expected from every university president and law firm partner over the last year. That those statements weren't made played a huge part in where we are now and people will remember."

Trump denied it on Sunday, while trying to pile on the pressure: "No. I wouldn't even think of doing it that way. What should pressure him is the fact that rates are far too high. That's the only pressure he's got," Trump told NBC News. "He's hurt a lot of people. I think the public is pressuring him."

Sen. Elizabeth Warren, the top Democrat on the Banking Committee, said Trump was "a wannabe dictator" who wanted the Fed to serve him and his "billionaire friends."

"This Committee and the Senate should not move forward with any Trump nominee for the Fed, including Fed Chair," she said.

Other countries to have put fire to the feet of central bankers include Argentina, Russia, Turkey, Venezuela and Zimbabwe–all resulting in enrichment for political insiders and economic crisis for everyone else.

Previously:
• Trump abruptly fires Carla Hayden, the first woman and first black Librarian of Congress
• Yikes! Trump is 'surprised' that Powell runs Fed Reserve — forgets that he himself hired him (video)