Overview
- The Justice Department notified the Federal Reserve on Jan. 9 that a grand jury had cited Jerome Powell in connection with his June Senate Banking testimony.
- Powell says the matter references remarks about a multiyear project to renovate the Fed’s historic office buildings.
- He argues the investigation is not about that testimony or congressional oversight and says the Fed kept lawmakers informed through testimony and public disclosures.
- Powell vows to continue the job for which the Senate confirmed him and notes service under four administrations without political favoritism.
- President Trump has repeatedly urged Powell to resign and told the New York Times he has chosen a potential successor, while no criminal charge has been publicly filed.