00:00Federal prosecutors have opened a criminal investigation into Federal Reserve Chairman Jerome Powell,
00:05focusing on whether he misled Congress about the scope and costs of a multi-year,
00:10$2.5 billion renovation of the Fed's Washington, D.C. headquarters.
00:15The DOJ has served grand jury subpoenas to the Fed that threatened a possible criminal indictment
00:20related to Powell's June testimony, which critics say contradicted planning documents
00:25about luxury elements of the project.
00:27Powell has rejected that the probe reflects wrongdoing, calling the legal threats unprecedented
00:32and asserting they are politically motivated attempts to pressure the Fed on interest rate policy
00:38and undermine its independence.
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