Why the Federal Reserve has historically been independent of the White House

WASHINGTON (AP) — The Justice Department has threatened the Federal Reserve with a criminal indictment over the testimony of Fed Chair Jerome Powell this summer regarding its building renovations, Powell said over the weekend. It is a major escalation by the administration after repeated attempts by President Donald Trump to exert greater control over the independent institution. Trump has repeatedly attacked Powell for not cutting its short-term interest rate, and even threatened to fire him. Powell’s ...