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Hill calls Fed subpoena an "overreaction," says Powell invited to testify
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Summary
Congressman French Hill said he has spoken with Federal Reserve Chair Jerome Powell, called the subpoena "an overreaction," and said the committee has invited Powell to his semiannual Humphrey-Hawkins testimony; he described attempts to criminalize construction disputes at the Fed as improper.
Congressman French Hill, chairman of the House Committee on Financial Services, said he has spoken with Federal Reserve Chair Jerome Powell about the subpoena issued in connection with construction questions at the Fed and described the subpoena as an "overreaction."
"Chairman Powell called and told me that this process was taking place," Hill said, and added that the committee has invited Powell to appear for his semiannual Humphrey-Hawkins testimony on Capitol Hill; scheduling will be coordinated with the Fed and the Senate Banking Committee.
Asked whether the subpoena was an illegitimate use of prosecutorial power, Hill said, "I don't know that it's illegitimate because I'm not at the justice department," but called criminalizing disputes over construction "an overreaction" and said he disagreed with that approach.
Hill said he supports congressional oversight of the Federal Reserve's construction project and spending but warned that grand-jury threats over such disputes were inappropriate.
On whether Powell's public video statement added to the distraction, Hill said public figures' communications are often second-guessed and that he would "let it play out." He called the subpoena a distraction that could complicate the administration's work identifying and confirming a new Fed chair and interfere with other economic priorities.
Hill said the committee intends to pursue normal oversight avenues, including inviting the Fed chairman to testify; he did not announce a date for that testimony nor any pending enforcement action by the committee.
