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2h ago

Fed Chair Powell Confirms DOJ Criminal Probe, Calls Indictment Threat Political Pressure

Powell says subpoenas tied to his June testimony on the Fed’s headquarters renovation challenge the central bank’s independence.

U.S. Federal Reserve Chair Jerome Powell speaks as he holds a press conference following a two-day meeting of the Federal Open Market Committee (FOMC), at the U.S. Federal Reserve in Washington, D.C., U.S., December 10, 2025. REUTERS/Kevin Lamarque/File Photo
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FILE - Federal Reserve Chairman Jerome Powell, right, and President Donald Trump look over a document of cost figures during a visit to the Federal Reserve, Thursday, July 24, 2025, in Washington. (AP Photo/Julia Demaree Nikhinson, File)
Jerome Powell, chairman of the US Federal Reserve.

Overview

  • The Justice Department served the Federal Reserve with grand jury subpoenas on Friday related to Powell’s June Senate testimony about the roughly $2.5 billion headquarters renovation.
  • In a video statement, Powell called the investigation a pretext for pressuring the Fed’s interest‑rate decisions and said he will continue in his role.
  • The probe is being overseen by the U.S. Attorney’s Office in Washington, D.C., which is led by Trump appointee Jeanine Pirro, according to multiple outlets.
  • A DOJ spokesperson declined to discuss the case but said the attorney general has directed U.S. attorneys to prioritize potential abuses of taxpayer funds.
  • Markets and politics responded, with the dollar slipping as gold hit a record and Sen. Thom Tillis vowing to block Fed nominees until the matter is resolved.