Top Economic Adviser Kevin Hassett Downplays DOJ's Probe into Fed Chairman Jerome Powell, Suggests 'Nothing to See Here'
In a move that has left many questioning the independence of the US Federal Reserve, the Department of Justice (DOJ) has launched a criminal investigation into Fed Chairman Jerome Powell and other officials over the agency's handling of multibillion-dollar renovations at its historic headquarters in Washington.
According to sources familiar with the matter, the DOJ has served the Fed with grand jury subpoenas as part of the probe. This development has sparked criticism from some quarters, with many accusing the Trump administration of targeting the Fed for its alleged mishandling of the renovation project.
However, top economic adviser Kevin Hassett appears to be taking a more muted approach to the situation. In an interview on Fox Business Network, Hassett suggested that he expected "nothing to see here" regarding the investigation and implied that Powell had told the truth about the scope of the renovations during his testimony before Congress last summer.
Hassett, who is reportedly one of President Trump's top candidates to replace Powell as Fed chair when his term expires in May, stressed the importance of transparency and accountability within government. "All corners of government – the Fed, the White House, everything – we have a responsibility to the American people to be transparent," he said.
Despite the DOJ's investigation, Hassett's comments suggest that some members of Trump's inner circle remain skeptical about the probe's relevance and significance. This is particularly notable given that every living former Fed chair has condemned the investigation this week, warning that similar prosecutorial attacks on central banks could have severe consequences for the economy.
In a surprise move, President Trump recently praised Hassett for his performance on cable news, suggesting that he wants to retain him in his current role at the National Economic Council. When asked if he wanted to keep Hassett where he was, Trump replied, "You've done incredible. We don't want to lose him."
In a move that has left many questioning the independence of the US Federal Reserve, the Department of Justice (DOJ) has launched a criminal investigation into Fed Chairman Jerome Powell and other officials over the agency's handling of multibillion-dollar renovations at its historic headquarters in Washington.
According to sources familiar with the matter, the DOJ has served the Fed with grand jury subpoenas as part of the probe. This development has sparked criticism from some quarters, with many accusing the Trump administration of targeting the Fed for its alleged mishandling of the renovation project.
However, top economic adviser Kevin Hassett appears to be taking a more muted approach to the situation. In an interview on Fox Business Network, Hassett suggested that he expected "nothing to see here" regarding the investigation and implied that Powell had told the truth about the scope of the renovations during his testimony before Congress last summer.
Hassett, who is reportedly one of President Trump's top candidates to replace Powell as Fed chair when his term expires in May, stressed the importance of transparency and accountability within government. "All corners of government – the Fed, the White House, everything – we have a responsibility to the American people to be transparent," he said.
Despite the DOJ's investigation, Hassett's comments suggest that some members of Trump's inner circle remain skeptical about the probe's relevance and significance. This is particularly notable given that every living former Fed chair has condemned the investigation this week, warning that similar prosecutorial attacks on central banks could have severe consequences for the economy.
In a surprise move, President Trump recently praised Hassett for his performance on cable news, suggesting that he wants to retain him in his current role at the National Economic Council. When asked if he wanted to keep Hassett where he was, Trump replied, "You've done incredible. We don't want to lose him."
this whole thing is kinda shady fam. the DOJ launching a probe into the Fed and Powell's involvement in the renovation project seems legit but kevin hassett downplaying it like "nothing to see here" 
gives me some serious red flags. especially since Trump's all over Hassett right now, wanting him to stay on as his guy for Fed chair. that just feels like a power play to me 
.
Like, the DOJ is investigating the Fed for some renovation project and this guy is just downplaying it like nothing's wrong? 
i mean seriously how can ppl like kevin hassett and trump just downplay this investigation? shouldn't they be worried about being dragged into some major scandal? 
it makes you wonder if the DOJ is actually doing its job or just being used as a tool to silence the fed... ugh this whole situation is making me so anxious 
. According to the latest data from the FBI and DOJ, about 70% of investigations into Fed officials have led to no charges or convictions 
. Meanwhile, around 30% have resulted in fines or other penalties 
. It's like, what are we really looking for here? 
. If we assume the DOJ's investigation will cost around $10M (a generous estimate 
), that's roughly 0.01% of the Fed's total annual expenditures 
, I get why. Still, we gotta keep an eye on this one 
.
The fact that every living former Fed chair is coming out against the investigation just highlights how unusual and potentially damaging it is. If anyone has any inside info on what's really going on, Hassett should be all over it... not brushing it off like it's no big deal 
The fact that all the former Fed chairs are condemning this investigation makes me think there's more going on than meets the eye... I don't know what it is yet, but I'm intrigued 
.
.