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Chapter 1: What is the main topic discussed in this episode?
News when you want it with Bloomberg News Now. I'm Doug Krisner. Federal prosecutors have opened a criminal investigation into Fed Chair Jay Powell. This is over the Fed's renovation of its Washington, D.C.
Chapter 2: What investigation is being conducted into Fed Chair Jay Powell?
headquarters. Earlier tonight, the New York Times reported a key issue is whether Powell lied to Congress about the scope of the project. Well, the report prompted Powell to issue a video statement. In it, he said the Fed had been served grand jury subpoenas from the DOJ threatening a criminal indictment related to his June congressional testimony.
So Powell confirmed the subpoenas and called them a pretext.
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.
So far, there is no indictment, and Powell pushed back against the administration's threats and ongoing pressure.
Public service sometimes requires standing firm in the face of threats. I will continue to do the job the Senate confirmed me to do. That was Fed Chair Jay Powell.
Now, a number of senators have responded to this probe, among them Republican Tom Tillis. He came to the Fed's defense. In a statement, Tillis said he would oppose the confirmation of any nominee for the Fed, including... the upcoming Fed share vacancy until this legal matter is fully resolved.
At the same time, Massachusetts Democratic Senator Elizabeth Warren said the Senate should not move forward with any Trump nominee for the Fed, including Fed share. We go to Iran next, where nationwide anti-government protests have intensified, and President Trump has repeatedly threatened to strike at Iran, suggesting America is back in the regime change business.
Today, Tehran warned both the U.S. and Israel against any intervention. Speaking to reporters today, Trump said the U.S.
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Chapter 3: What are the implications of the DOJ subpoenas for the Federal Reserve?
is closely monitoring protests in Iran.
We're looking at it very seriously. The military is looking at it and we're looking at some very strong options.
That is President Trump. There were nationwide protests against ICE across the U.S. after an agent shot and killed Renee Nicole Good last week in Minneapolis. Today, the Trump administration said hundreds more federal agents will be deployed to Minneapolis. Meantime, federal authorities are freezing Minnesota officials out of the investigation.
Here is Minnesota Democratic Senator Tina Smith speaking on ABC's This Week.
We need to have a fair and unbiased investigation so we can gather all of the evidence and all of the information and we can know exactly what's happening. And what I think is going on here is the administration does not want that to happen. And that looks to me like a cover-up.
Minnesota Democratic Senator Tina Smith speaking on ABC's This Week. Late last week, the Trump administration met with oil executives to discuss rebuilding Venezuela's oil infrastructure. And today... U.S. Energy Secretary Chris Wright told CBS Face the Nation there's a real possibility American businesses will take a financial stake in Venezuelan oil.
There's lots of American investors and American refining entrepreneurs that are involved in that. So to take Venezuelan owned refineries that are in the United States and legally through an auction process, transfer them to American owners and American entrepreneurs in the refining business. I think that's fantastic.
U.S. Energy Secretary Chris Wright. At the same time today in a post on Truth Social, President Trump said Cuba will no longer get oil or money from Venezuela. Trump also said he is planning to meet this week with the Venezuelan opposition leader Maria Corina Machado.
The Senate narrowly advanced war powers legislation last week that would require President Trump to seek congressional approval if he bombs Venezuela again or attacks another country. Now, all of this comes as the president is hoping to buy Greenland.
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