The Justice Department has launched a criminal investigation into Federal Reserve Chair Jerome Powell. Powell said the DOJ had issued subpoenas related to his congressional testimony about the central bank’s $2.5 billion renovation of its Washington, D.C., headquarters last year. Powell, who was appointed by President Trump back in 2017, accused the administration of threatening criminal prosecution to pressure him to lower interest rates. Here’s Chairman Powell.

Jerome Powell: “The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the president.”