Powell Says DOJ Threatened Criminal Charges After Grand Jury Subpoenas to Fed

He casts the renovation-related subpoenas as political pressure over interest rates from the White House.

Overview

Jerome Powell said the Justice Department served grand jury subpoenas to the Federal Reserve on Friday, January 9.
He said the subpoenas threaten him with criminal charges linked to his June Senate testimony about a long-running Fed headquarters renovation.
Powell called the move unprecedented and argued the Fed sets interest rates in the public interest rather than to match the president’s preferences.
President Donald Trump told NBC he was unaware of any planned prosecution and again criticized Powell’s performance and the building project.
Powell said he will continue in his role as Fed chair, whose term runs through May 2026.