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Federal Reserve · Interest Rates · Monetary Policy · Political Interference
Prosecutors from U.S. Attorney Jeanine Pirro's office made a surprise, unscheduled visit to the Federal Reserve's headquarters renovation project, intensifying the Trump administration's pressure campaign against the central bank regarding Fed Chair Jerome Powell's oversight and interest rate policy.
The unscheduled visit, confirmed by Pirro's office and first reported by The Wall Street Journal, involved deputies who were denied access to the site without prior clearance. President Donald Trump has waged an aggressive campaign against top Fed officials, including Chair Powell, with the explicit goal of lowering interest rates, a campaign that has sparked political outcry and court challenges.
The Department of Justice is investigating Powell's oversight of the renovations, a probe a federal judge found to be a thinly disguised effort to pressure Powell to lower rates or resign, though the department plans to appeal. Former Fed chairs and ex-government economic policy leaders from both Republican and Democratic parties have raised alarm about the Trump administration's probe, emphasizing the critical importance of central bank independence in setting rates to control inflation.
The Fed's outside lawyer, Robert Hur, formally objected to Tuesday's unannounced visit.
US Prosecutors Visit Fed, Rate Independence Under Fire(current)
