SCOTT MACFARLANE:
00:00:53
Powell says the investigation is focused on his testimony to the US Senate last summer about renovations to Federal Reserve Board offices that Trump has claimed were too expensive. Powell has acknowledged the $2.5-billion project exceeded initial estimates. A Justice Department spokesperson told CBS News, "The attorney general has instructed her US attorneys to prioritize investigating any abuse of taxpayer dollars," but the Federal Reserve is self-funded. 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.
SCOTT MACFARLANE:
00:01:31
In an interview with NBC News, Trump said, quote, "I don't know anything about it, but he's certainly not very good at the Fed, and he's not very good at building buildings." Powell, appointed to his office in Trump's first term, has been a frequent high-profile target for Trump in his second term. I'd love to fire his ass. He should be fired. Guy's grossly incompetent.
SCOTT MACFARLANE:
00:01:50
Trump has repeatedly blasted Powell for not lowering interest rates fast enough. He's been wrong. That's why I call him "Too Late." He's "Too Late," Jerome "Too Late" Powell.
SCOTT MACFARLANE:
00:01:59
Despite the Fed's independence from politics, Bank of America's CEO Brian Moynihan recently told Face the Nationupsetting that independence could have consequences. The market will punish people if we don't have an independent Fed, and everybody knows that. Powell alone does not decide interest rates. His term as Fed chair ends in May, but he remains on the Board of Governors until 2028. There is already Republican pushback to this. Retiring North Carolina Senator Thom Tillis says he now questions the independence of the Department of Justice and will oppose any Federal Reserve nominees until the investigation is resolved, Adriana. All right, Scott, thank you so much.
