Overview
- Powell disclosed that the Justice Department sent a grand jury subpoena to the Federal Reserve on Jan. 9 and said in a Jan. 11 video he will remain in his post.
- The investigation focuses on whether he misstated details in testimony to a June 2025 Senate Banking Committee hearing about the Washington headquarters project.
- The renovation is reported at about $2.5 billion, roughly $700 million over early estimates, a cost overrun that has drawn scrutiny from the administration.
- The probe was approved in November by D.C. U.S. Attorney Matthew Piro, according to reporting by the New York Times.
- Trump has publicly pressed for larger rate cuts and repeatedly criticized Powell; asked about the probe on NBC, he said he knew nothing about it.