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Why the Federal Reserve has historically been independent of the White House
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FILE - President Donald Trump announces Federal Reserve board member Jerome Powell as his nominee for the next chair of the Federal Reserve in the Rose Garden of the White House in Washington, Nov. 2, 2017. - photo by AP Photo/Alex Brandon, File
WASHINGTON (AP) — The Justice Department has threatened the Federal Reserve with a criminal indictment over the testimony of Fed Chair Jerome Powell this summer regarding its building renovations, Powell said over the weekend. It is a major escalation by the administration after repeated attempts by President Donald Trump to exert greater control over the independent institution. Trump has repeatedly attacked Powell for not cutting its short-term interest rate, and even threatened to fire him.