Here's the Trump Administration's Latest Salvo Against the Federal Reserve

Matt Vespa / Townhall Tipsheet

 

With total certainty, this is going to rile up the political class and the liberal media. It will be viewed as overreach, and maybe it is, but we sort of got a preview of this when President Trump accused Federal Reserve Chair Jerome Powell of not being forthcoming about the cost of renovations to the central bank’s office. The president alleged gross mismanagement of the project last year. Now, the Justice Department has slapped Powell with a federal subpoena. He addressed this story last night (via NBC News): 

"Federal Reserve Chair Jerome Powell said Sunday that the Justice Department subpoenaed the central bank Friday with the threat of a criminal indictment, the latest move in a yearlong pressure campaign from the Trump administration. 

Powell said the threatened indictment related to his testimony before the Senate in June about the renovation of Federal Reserve office buildings. 

"No one—certainly not the chair of the Federal Reserve—is above the law," Powell said. "But this unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure." Read more, see X and video here.