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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 criminal investigation is being conducted against 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. 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.
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Chapter 3: How are senators responding to the investigation into the Federal Reserve?
And coming up Monday night, the Pittsburgh Steelers will host the Houston Texans to wrap up the wildcard weekend. And that is news when you want it. With Bloomberg News Now, I'm Doug Krisner and this is Bloomberg.