USA - Fed Chair Powell says he’s under criminal investigation, won’t bow to Trump intimidation. Federal Reserve Chair Jerome Powell is under federal criminal investigation related to the $2.5 billion renovation of the central bank’s headquarters and his congressional testimony about that, Powell said. Powell said the probe was the result of the Fed “setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of” President Donald Trump. Senator Thom Tillis, a North Carolina Republican, and Banking Committee member, said he would oppose any nominee by Trump to replace Powell, and any Fed board nominee, “until this legal matter is fully resolved.” Powell said the probe is the result of long-standing frustration by President Donald Trump over the Fed’s refusal to cut interest rates as quickly and as much as the President has demanded.