President Trump has been making good on his word, warning repeatedly that he will sue and replace Jerome Powell, the Federal Reserve Chair. However, a new development has turned the tables: the Justice Department is now investigating Powell.
The investigation centers around Powell's Senate testimony in June about the renovation of the Federal Reserve's office buildings. Trump had been vocal about his dissatisfaction with the project from the start, claiming it was too expensive and stating that Powell was "very incompetent" for overseeing it.
On Sunday night, NBC News revealed that the Justice Department had issued subpoenas to Powell, which is a first. While this isn't the first time Trump has threatened to sue or fire Powell, the situation has escalated significantly.
The latest threat by Trump comes after he said in an interview on Sunday night that the Justice Department's action was "unprecedented" and "should be seen in the broader context of the administration's threats and ongoing pressure".
Powell responded directly to Trump in a video released on Sunday. The move is highly unusual for a Fed chair, who generally stays out of the political fray.
During a tour of the Federal Reserve in July, Trump criticized Powell over the renovation project. Powell took issue with the president's assessment, stating he was misreading documents.
The investigation centers around Powell's Senate testimony in June about the renovation of the Federal Reserve's office buildings. Trump had been vocal about his dissatisfaction with the project from the start, claiming it was too expensive and stating that Powell was "very incompetent" for overseeing it.
On Sunday night, NBC News revealed that the Justice Department had issued subpoenas to Powell, which is a first. While this isn't the first time Trump has threatened to sue or fire Powell, the situation has escalated significantly.
The latest threat by Trump comes after he said in an interview on Sunday night that the Justice Department's action was "unprecedented" and "should be seen in the broader context of the administration's threats and ongoing pressure".
Powell responded directly to Trump in a video released on Sunday. The move is highly unusual for a Fed chair, who generally stays out of the political fray.
During a tour of the Federal Reserve in July, Trump criticized Powell over the renovation project. Powell took issue with the president's assessment, stating he was misreading documents.
this is getting crazy!!! I'm literally shaking my head about what's going on with Trump and Powell. Like, can't these two just agree to disagree already? The fact that the Justice Department is investigating Powell over his testimony about the renovation project is wild 
. And for Trump to say it's "unprecedented" and claim it's part of a bigger pattern of intimidation is just, like, wow 
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). Seriously though, this whole situation is super concerning. It raises so many questions about the line between politics and law enforcement, and whether Trump is actually trying to undermine the Fed's independence 
.
!
I mean, Powell did call out Trump's misreading of documents, but that's not exactly a reason to investigate him, right? 
And what's with all the threats and pressure from Trump? It feels like he's just trying to deflect attention from his own issues... 
. Powell has been in the hot seat for years, but at least he stayed above water. Now we see him stepping up and speaking his mind. This is some high-stakes drama 
that's super weird, i mean, you'd think they'd be above all that drama. powell's response was pretty calm considering he got roasted by trump in public... maybe that's why i'm kinda rooting for him 
anyway, can't wait to see how this all plays out. maybe it's time for us to get some real answers about what's really going on with the fed? 
i'm low-key excited to see how this plays out, esp since powell just fired back at trump in a video release. that was classy of him btw. also, can we talk about the fact that this is kinda a big deal for the fed chair position? like, usually they just stay quiet and collect their paycheck. powell's not even apologizing or anything! 
It's like he's saying, "Hey, I know what I'm doing, and you're not going to intimidate me with your threats." 
The answer is us, taxpayers. We're footing the bill for all these costly lawsuits and renovations. 
Maybe it's time for us to take a closer look at how our leaders are making decisions, even if it means getting uncomfortable with the status quo. 
. I'm like "wait a minute"... this is crazy! 
First, Trump's all mad about the Fed building renovation, and then now the Justice Department is investigating Powell? This just gets more and more intense 
. Powell's response in that video was pretty calm, though 
. It'll be interesting to see how this whole thing plays out 
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. It's almost as if the cat and mouse game has reached a boiling point 
. The fact that the Justice Department is now investigating Powell for his Senate testimony about the Federal Reserve office renovations is a clear escalation of Trump's threat to sue and replace him 
. What's interesting is how Powell chose to respond directly to Trump in a video, which is indeed a bold move 
. One thing's for sure, the drama surrounding Powell and the Federal Reserve has reached new heights 
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! So Trump's finally taken it to the Justice Department and now they're investigating Powell for his Senate testimony about the Fed office renovations? I'm not sure what's more shocking, that this is happening or that Trump thought he could just bully Powell around and get away with it 
. It'll be interesting to see how this plays out – will the investigation lead anywhere? And what does it say about the state of politics right now that Trump feels like he can threaten someone and get them investigated? 
. Always thought it was weird that Fed chairs just chill while presidents go nuclear on them 
Just when you thought this whole thing couldn't get any crazier... The Justice Department investigating Jerome Powell is a new low, even for this wild ride