BlockBeats News, March 12th, according to Bloomberg, Tim Scott, the Republican leader of the Senate Banking Committee, stated that the “top prosecutor” in charge of the Department of Justice’s criminal investigation of Federal Reserve Chairman Powell has been replaced. “I believe the top prosecutor has been replaced, I think that’s a fact.”
Powell had previously stated that the Justice Department had subpoenaed the Fed in January, threatening criminal action. These subpoenas are related to the Fed’s $2.5 billion renovation project at its Washington headquarters and Powell’s testimony last year before the Senate Banking Committee on the matter. In a strongly worded video response, Powell described the motive behind this investigation as the Fed’s refusal to set interest rates according to former President Trump’s wishes.
Earlier today, reports indicated that Wash’s nomination as Federal Reserve Chair was stalled, as Republican senators demanded the completion of the investigation into Powell first.
