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A criminal investigation into Jay Powell, the Federal Reserve chair, may be the most consequential attack yet on the central bank's political independence.
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Federal Reserve Board Chair Jerome H. Powell accused the Justice Department of using the investigation to pressure the central bank to lower interest rates.
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The Justice Department served the Federal Reserve with grand jury subpoenas on Friday, Fed Chair Jerome Powell said Sunday, threatening an "unprecedented" criminal indictment against him over cost overruns for the renovation of the Fed's headquarters building.
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