Overview
- The Federal Reserve has been ordered to provide documents to a grand jury that will decide whether to hand up an indictment.
- Prosecutors are examining Powell’s congressional testimony and the project’s spending records, according to reports citing officials familiar with the inquiry.
- Powell called the action unprecedented and argued the renovation dispute is a pretext tied to pressure from President Trump on interest-rate policy.
- The New York Times reported that D.C. U.S. Attorney Jeanine Pirro approved opening the probe in November.
- The renovation began in 2022, is slated to finish in 2027, and is estimated to run about $700 million over an initial $2.5 billion budget, which the Fed attributes to higher material, labor and equipment costs and unexpected asbestos removal.