&Quot;Federal Reserve&Quot;

Has Amy Klobuchar, D-Minnesota, become "one of the wealthiest women in America," during her tenure in the United States Senate, as a social media post claims? No, that's not true: Financial disclosure reports show that with a net family worth of at most $2.5 million, she's not even among the wealthiest women in Congress, let alone in America. Magazines and…

Did President Trump order U.S. Marshals to remove Federal Reserve Governor Lisa Cook from office after she challenged his authority to fire her? No, that's not true: Court rules prevent any action to remove Cook until a judge holds a hearing on her lawsuit filed on August 28, 2025, claiming the president failed to show cause for firing her. An…

Did Jerome Powell write a July 22, 2025, letter informing President Donald Trump of his resignation as Chairman of the Federal Reserve? No, that's not true: A widely-shared screenshot of such a letter was in fact a fake, most likely produced using AI. Powell had not resigned as of July 23. The fake letter appeared in a July 22, 2025,…

Did President Donald Trump order the Federal Reserve to mint quarters without ridges, as was claimed in a social media post? No, that's not true: The proof the post offered was a counterfeit CNN.com screenshot. CNN, as of the date this was published, had reported no such order by Trump. Searches of the White House and Treasury websites showed no…

Does a photo of stacks of banknotes sitting in a room or basement show USAID money found in the house of Ukrainian President Volodymyr Zelenskyy? No, that's not true: The photo has been online since 2007 and shows money discovered in a drug bust in Mexico. The picture has been used in jokes and memes for years. The joke appeared…

Are all mortgage contracts dischargeable by filing letters and forms to the IRS and the U.S. Treasury, as a social media post claims? No, that's not true: An IRS spokesman told Lead Stories that "there is no U.S. IRS form that negates a legitimate contract." Mortgage lending is subject to laws and regulations. Mortgages are contracts enforceable in court. The…

Did Transportation Secretary Pete Buttigieg make remarks about how racism went into design choices after the Francis Scott Key bridge collapsed in Baltimore on March 26, 2024? No, that's not true: The video clip in a social media post dates back to a November 9, 2021, White House daily briefing. Buttigieg's 2021 remarks were a response to a direct question…

Was the purpose of Prohibition to stop people from fueling their cars and homes with alcohol? No, that's not true: Professors in history and sociology told Lead Stories that there's no truth to the claim. Prohibition in the United States, which ran from 1920 to 1933, was not about preventing people from using alcohol as fuel for cars or homes;…

Does an entity named the Depository Trust and Clearing Company own "all stocks" in the stock market? No, that's not true: It owns a subsidiary, the Depository Trust Company, whose function is to be a depository for securities. This subsidiary records other people's and companies' ownership. Neither the DTCC nor the DTC eliminates ownership rights of legitimate shareholders. The claim…

Does a viral video show proof that the U.S. national debt was paid off in 2017? No, that's not true: The U.S. Treasury website shows the current U.S. national debt, which is about $33.7 trillion, a number accepted by U.S. financial markets, independent economists and the Federal Reserve Bank. The video relies on paperwork that has nothing to do with…