U.S. Republican: Federal Reserve Chair Powell may miss the biannual congressional hearings for a year

Odaily Planet Daily reported that a prominent Republican lawmaker stated that the U.S. Department of Justice has served a subpoena to the Federal Reserve, threatening to bring criminal charges against Fed Chair Jerome Powell. Powell may miss the upcoming scheduled congressional hearings. According to amendments made in 1978 to the laws establishing the Federal Reserve, the Fed Chair is required to testify twice a year before Congress, providing insights on monetary policy and the economic outlook. Typically, the Fed Chair attends hearings before the Senate Banking Committee and the House Financial Services Committee separately. House Financial Services Committee Chair and Republican Congressman French Hill said, “I do not expect Chair Powell to appear at the House and Senate hearings in February because a grand jury has indicted him for perjury.” (Jin10)