Jerome Powell Sent Congress Details on $2.5B Fed Project Amid Investigation

New Details Emerge in Powell Investigation

• 🔍 A new report indicates that Jerome Powell sent a detailed letter to lawmakers after his testimony last year.
• ✉️ This letter reportedly outlines the costs and reasons for overruns on a $2.5 billion Fed project.
• ⚖️ The development raises questions about whether information the DOJ is seeking has already been provided to Congress.

Lawmaker Reactions and Fed Independence

• 🗣️ Several Republican senators, including Tillis, McCormack, and Kramer, have publicly stated their belief in Powell's innocence.
• 🧐 Other senators are adopting a "wait and see" approach, indicating a lack of full-throated support for the investigation.
• 🏛️ Concerns are being raised that pursuing the Fed chair could potentially harm the independence of the Federal Reserve.