Federal Reserve hit with DOJ criminal subpoenas

NBC News -  Federal Reserve Chair Jerome Powell said that the Justice Department subpoenaed the central bank last week with the threat of a criminal indictment, the latest move in a yearlong pressure campaign from the Trump administration.

Powell said the threatened indictment related to his testimony before the Senate in June about the renovation of Federal Reserve office buildings. The subpoenas were just the latest way for the administration to exert control over the Fed, he added.

"The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President," the chair said.

Since before the start of his second term, President Donald Trump has demanded lower interest rates and has routinely attacked Powell and the central bank's other top officials, especially amid the affordability crisis. 

In an interview last night with NBC News, Trump denied having any knowledge of the DOJ's investigation.