Criminal Inquiry Targets Powell Over Fed HQ Renovation (Full Transcript)

[00:00:00] Speaker 1: Federal prosecutors have opened a criminal inquiry into Federal Reserve Chair Jerome Powell and Central Bank over its $2.5 billion renovation of its D.C. headquarters. Powell called the investigation ongoing pressure from the administration in a video statement.

[00:00:19] Speaker 2: The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public rather than following the preferences of the president.

[00:00:31] Speaker 1: This marks the latest escalation of controversial actions taken by Trump, mostly in an effort to get the Central Bank to lower interest rates. Trump has previously threatened to sue Powell over the Fed's renovation costs, which Powell testified before Congress over the summer that the Fed's renovation costs had changed over time.