Federal Reserve Chair Jerome Powell Under Criminal Investigation for Renovation Project

The U. S. Attorney’s Office in the District of Columbia has launched a criminal investigation into Federal Reserve Chair Jerome Powell over the central bank’s renovation project of its Washington, D. C. headquarters. According to The New York Times, prosecutors are looking into whether Powell misled Congress about the scope of the project. Powell has confirmed the investigation, and his staff has been contacted for documents related to the renovations.

It is not yet known if a grand jury has been convened or if formal subpoenas have been issued. President Donald Trump has been critical of the cost of the renovations but did not comment on the investigation.

In other news, President Trump has announced a one-year cap on credit card interest rates at 10 percent, starting on January 20. Lawmakers from both political parties have expressed concerns about high interest rates on consumer credit. However, banking advocacy groups warn that a 10 percent cap could limit credit availability and push consumers towards less regulated, higher-cost lending options.

The stock market continued its record-breaking streak on Friday, with a weaker-than-expected monthly jobs report increasing the likelihood of a future interest rate cut by the Federal Reserve. Meanwhile, Boeing is on track to report its highest number of airplane deliveries in a year since 2018. The aerospace company plans to ramp up production after scaling back in recent years due to two fatal crashes involving its 737 MAX aircraft and a midair door plug blowout on one of its planes in 2024.

In a major business deal, low-cost airline Allegiant has announced its plans to acquire Sun Country Airlines for $1. 5 billion. If approved by the Trump administration, the combined airline will operate under the Allegiant brand. The new airline would have a fleet of approximately 195 aircraft and serve over 175 cities across more than 650 routes.