In the latest escalation between the Trump administration and the Federal Reserve, the Department of Justice has issued grand jury subpoenas against the Fed, according to Chairman Jerome Powell.
On Sunday, the official Federal Reserve X account posted a video of Powell explaining the subpoenas and claiming that the DOJ was "threatening a criminal indictment related to my testimony before the Senate Banking Committee last June."
'The cost overruns are what they are.'
"That testimony concerned in part a multiyear project to renovate historic Federal Reserve office buildings," Powell added.
In the video, Powell shows no sign of capitulating to President Trump's calls to lower interest rates, dismissing these calls as merely the "preferences of the president": "This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions, or whether instead monetary policy will be directed by political pressure or intimidation."
Photo by Chip Somodevilla/Getty Images
"I have served at the Federal Reserve under four administrations, Republicans and Democrats alike. In every case, I have carried out my duties without political fear or favor, focused solely on our mandate of price stability and maximum employment," Powell said. "Public service sometimes requires standing firm in the face of threats. I will continue to do the job the Senate confirmed me to do, with integrity and a commitment to serving the American people."
Powell said that the subpoenas were served last Friday.
During his testimony in June, Powell was asked about the cost of the renovations around the 36-minute mark of the hearing. He began by saying, "We do take seriously our responsibility as stewards of the public's money," but concluded, "The cost overruns are what they are."
He also denied several of what he said were media inaccuracies, including reports of "special elevators," new marble, "roof terrace gardens," and "beehives."
In a rare confrontation with Powell, President Trump, wearing a hard hat, visited the construction site in late July to challenge him on the "overruns." Powell said he was "unaware" of the new numbers Trump presented to him.
Days before the July confrontation between Powell and Trump, Rep. Anna Paulina Luna (R-Fla.) sent a criminal referral for Powell to the Department of Justice.
On Sunday evening, Luna responded to the news of the grand jury subpoenas, repeating her allegations against Powell: "It’s good to see my criminal referral working in real time. You CANNOT lie to Congress. That is called PERJURY."
No criminal charges have been brought against Powell at the time of writing.
The Department of Justice did not respond to a request for comment from Blaze News.
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Country Star Zach Bryan, who had long-avoided political content in his music, has finally released his song attacking ICE and ripping President Donald Trump’s crackdown on illegal immigration.
The post Country Singer Zach Bryan Releases Full Anti-ICE Song About ‘The Fading of the Red, White, and Blue’ appeared first on Breitbart.
Billionaire Bill Ackman said he supported fundraisers for the U.S. Immigration and Customs Enforcement (ICE) officer who fatally shot a Minneapolis woman on Wednesday and also tried donating to her family.
The post Billionaire Bill Ackman Donates $10K to ICE Officer Who Fatally Shot Woman in Minneapolis appeared first on Breitbart.
British broadcasting regulator Ofcom announced Monday that it has launched a formal investigation into Elon Musk's X social media platform over its Grok AI being used to create 'deepfake' sexualised images.
The post UK Speech Regulator Ofcom Launches Investigation Into Elon Musk’s X appeared first on Breitbart.
Sergey Brin has reportedly restructured multiple business entities in California, following a similar pattern established by his Google cofounder Larry Page, as the state prepares to vote on a proposed wealth tax targeting billionaires.
The post Sergey Brin Joins Google Cofounder Larry Page in Fleeing California Ahead of Potential Wealth Tax appeared first on Breitbart.
Former Democratic Rep. Mary Peltola of Alaska is setting her sights on higher office after a failed 2024 re-election bid.
Peltola lost to Republican Rep. Nicholas Begich in 2024 despite having the advantage as the incumbent. In the aftermath of this political blunder, Peltola has now launched a senatorial campaign to challenge Republican Sen. Dan Sullivan of Alaska.
'A defeated career politician turned lobbyist.'
Peltola has branded herself a moderate Democrat working against the D.C. establishment to fight for "fish, family, and freedom." Peltola has also caught onto the political trend of the times, focusing her campaign message on affordability, housing, and grocery prices.
"D.C. people will be pissed that I'm focusing on their self-dealing and sharing what I've seen firsthand," Peltola said in her launch video.
RELATED: Republicans take back Alaska's House seat, solidifying the GOP's slim majority
Photo by Alex Wong/Getty Images
One thing her campaign video omitted was her far-left voting record during her brief stint in the House.
Peltola voted in lock-step with the Democrats against protecting women from transgender athletes in sports, even voting against an amendment to prevent taxpayers from funding sex-altering surgeries. Along with nearly every Democrat in the House, Peltola voted against the Born-Alive Abortion Survivors Protection Act, which would mandate medical care for babies who survive abortion.
Although her campaign claims to make cost of living a priority, Peltola reportedly "liked the concepts" of the Green New Deal, which would hike up energy prices and cost taxpayers trillions.
RELATED: America First energy policy is paying off at the pump
Photo by Paul Morigi/Getty Images for ELLE
"Mary Peltola represents everything that is broken in Washington: a defeated career politician turned lobbyist who repeatedly voted against American energy independence, secure borders, and the Alaskan way of life," Senate Leadership Fund Executive Director Alex Latcham said in a statement. "Democrats are desperately trying to revive a far-left politician, but Alaskans know why they fired Mary Peltola in the first place."
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Left-wing pop star and actress Ariana Grande wore an "ICE OUT" pin at the Golden Globes -- a blatant reference to 37-year-old Renee Good, who was fatally shot in Minnesota after ramming an ICE agent last week.
The post Pop Star Ariana Grande Flaunts ‘ICE OUT’ Pin at Golden Globes appeared first on Breitbart.
Rep. Ilhan Omar (D-MN) was booted from an ICE facility on Saturday where she claimed she and other lawmakers went to exercise "oversight."
The post VIDEO: Democrat Rep. Ilhan Omar Thrown Out of Minneapolis ICE Facility appeared first on Breitbart.