Overview
- Jerome Powell says the Justice Department delivered grand jury subpoenas to the Federal Reserve and threatened him with criminal charges tied to his June Senate testimony on the Fed’s building reconstruction.
- President Donald Trump told NBC he was unaware of the DOJ action and rejected claims that his administration is exerting improper pressure on the Fed chair.
- White House National Economic Council chief Kevin Hassett said the president had not been briefed on any DOJ investigation.
- The dispute centers on a multiyear renovation of the Fed’s Washington headquarters, whose rising costs have been a focus of Trump’s criticism.
- There has been no public DOJ confirmation of charges, and the episode is raising questions about central bank independence as Powell’s term ends in May 2026.