Gate News reports that on March 11, Republican Senate Banking Committee leader Tim Scott stated on March 12 that the “chief prosecutor” responsible for the Department of Justice’s criminal investigation into Fed Chair Jerome Powell has been replaced. Tim Scott said, “I believe the chief prosecutor has been replaced, and I think that is a fact.”
Previously, Powell indicated that the Department of Justice issued a subpoena to the Federal Reserve in January, threatening criminal charges. These subpoenas are related to the ongoing $2.5 billion renovation of the Washington headquarters and Powell’s testimony before the Senate Banking Committee last year regarding the project. In a strongly worded video response, Powell described the investigation’s motive as the Fed’s refusal to set interest rates according to former President Trump’s wishes.
Additionally, Wosh’s nomination as Fed Chair has been blocked, with Republican senators demanding that the investigation into Powell be completed first.
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