Trump on DOJ’s Federal Reserve probe: ‘I don’t know anything about it’

President Trump said on Sunday that he doesn’t “know anything” about the Department of Justice (DOJ) probe into Federal Reserve Chair Jerome Powell.

In a brief interview with NBC News, Trump denied knowledge of the criminal investigation while repeating his frequent criticism of Powell, specifically pointing to ongoing renovations at the two Fed buildings.

“I don’t know anything about it, but he’s certainly not very good at the Fed, and he’s not very good at building buildings,” Trump said of the investigation.

Trump has frequently pressured Powell to lower interest rates, but in the NBC News interview on Sunday evening, the president denied the subpoenas were related to that matter.

“No. I wouldn’t even think of doing it that way. What should pressure him is the fact that rates are far too high. That’s the only pressure he’s got,” Trump told the news outlet.

In a remarkable on-camera statement released Sunday night, Powell confirmed the DOJ served the Fed with grand jury subpoenas on Friday, threatening to indict the Fed chief over testimony he gave last year.

During the testimony before the Senate Banking Committee in June, Powell discussed the $2.5 billion renovation two Fed buildings have been undergoing, a project Trump has repeatedly targeted for criticism.

“I have deep respect for the rule of law and for accountability in our democracy. No one — certainly not the chair of the Federal Reserve — is above the law,” Powell said in the two-minute video Sunday. “But this unprecedented action should be seen in the broader context of the administration’s threats and ongoing pressure.”

The president, who appointed Powell to his role during his first term in 2017,  has accused the Fed chair of allowing the costs of the renovation to greatly expand, including during his site visit to the Fed in July. Powell has rejected that claim.

Trump also strongly criticized the chair over the past year for not being more aggressive in lowering interest rates. Before the Fed’s three straight interest rate cuts of 0.25 points late last year, Trump attacked Powell as a “numbskull,” a “dumb guy” and an “obvious Trump Hater.”

Late last year, Trump threatened to sue Powell for “gross incompetence,” pointing to the costs of the Fed building renovation.

Updated at 8:38 a.m. EST

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