[Republican Senator: "Chief Prosecutor" in Powell Case Replaced] The Republican leader of the Senate Banking Committee said the "chief prosecutor" in charge of the Justice Department's criminal investigation into Federal Reserve Chairman Jerome Powell has been replaced. "I believe the chief prosecutor has been replaced," Senator Tim Scott said. "I think that's true." Powell previously stated that the Justice Department issued subpoenas to the Federal Reserve in January, threatening criminal charges. These subpoenas relate to the Fed's ongoing $2.5 billion renovation project of its Washington headquarters and Powell's testimony before the Senate Banking Committee last year regarding the project. In an unusually strong-tongued video response, Powell described the investigation as motivated by the Fed's refusal to set interest rates according to President Trump's wishes.
