United States (US) Federal prosecutors have opened a criminal investigation into Federal Reserve Chairperson, Jerome Powell.

Powell called the probe “unprecedented and politically motivated” and said he believed it was opened due to him drawing US President Donald Trump’s ire over refusing to lower interest rates despite repeated public pressure.

In a video announcing the probe, Powell said the US justice department served the agency with subpoenas and threatened a criminal indictment over Congressional testimony he gave to a Senate committee about renovations to Federal Reserve buildings, an action Powell called a “pretext” aimed at putting further pressure on the central bank to lower interest rates.

Powell is the latest to come at odds with Trump and then face criminal investigation by the US justice department.

–SABC–