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The DOJ opens a criminal probe into Fed Chair Jerome Powell over building renovations, an unprecedented move Powell claims is retaliation for refusing Trump's demands to cut interest rates.

The institutional war between the White House and the Federal Reserve has exploded into a constitutional crisis. In a stunning video statement released Sunday, Fed Chair Jerome Powell revealed that he has been served with grand jury subpoenas by the Department of Justice (DOJ), signaling the start of a criminal investigation into his conduct.
The probe ostensibly centers on testimony Powell gave to Congress last June regarding the renovation of the Federal Reserve’s headquarters. The Trump administration has accused Powell of "gross mismanagement" and lying about cost overruns on the project. However, Powell—and virtually every legal scholar—sees this as a pretext.
"This is not about renovations," Powell said, looking directly into the camera. "The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on economic data, rather than the preferences of the President."
Powell remained defiant, stating he would continue to serve until his term ends in May. But with the DOJ circling and Trump’s allies calling for his head, the Federal Reserve is under siege. It is a showdown that will define the future of the US economy.
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