Federal Reserve Chairman Jerome Powell announced that he is under criminal investigation by federal prosecutors regarding the renovation project at the central bank's headquarters in Washington, D.C., saying that Trump's frustration over his refusal to cut interest rates is the reason behind the move.
"On Friday, the Justice Department served grand jury subpoenas to the Federal Reserve," Powell said in a statement released early Monday morning.
He added that the ministry threatened to bring criminal charges against him in connection with his testimony before the Senate Banking Committee last June, which addressed – in part – a multi-year project to renovate historic Federal Reserve buildings.
He added: "I have deep respect for the rule of law and the principle of accountability in our democracy, and no one is above the law, but this unprecedented action should be viewed in a broader context, namely the administration's threats and ongoing pressure."