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Lawmakers warn DOJ subpoenas risk undermining Federal Reserve independence
Summary
During a House task force hearing, several members accused the Department of Justice and the White House of threatening the Federal Reserve's independence through grand jury subpoenas and public pressure. Witnesses urged reliance on legal protections and court review, while members sought to enter supporting documents into the record.
Members of the House Financial Services task force spent a significant portion of a hearing on the Federal Reserve's balance sheet pressing witnesses and each other over recent Department of Justice subpoenas and public pressure directed at Fed officials.
Ranking Member Joaquin Vargas (as recorded in the transcript) told the panel that "the Department of Justice has threatened Chairman Powell with a criminal indictment," and described the actions as a "full frontal assault" on the Fed's independence. Several members — including…
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