TechFlow News, January 14 — According to foreign media citing a prominent Republican lawmaker, Powell may skip the scheduled upcoming congressional hearings after the U.S. Department of Justice issued subpoenas to the Federal Reserve, threatening criminal charges against Fed Chair Powell. Under amendments made in 1978 to the law establishing the Federal Reserve, the Fed chair is required to testify twice annually before Congress on monetary policy and economic conditions. By convention, the Fed chair typically appears before both the Senate Banking Committee and the House Financial Services Committee. French Hill, chairman of the House Financial Services Committee and a Republican representative, said, "I expect Chair Powell will not appear at the February hearings in the House or the Senate, as the grand jury has accused him of giving false testimony." (Jinshi Data)
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