Federal Reserve Chair Jerome Powell said on Sunday that federal prosecutors have opened a criminal investigation into him. He described the move as highly unusual and said it followed his testimony to a Senate committee about renovations to Federal Reserve buildings.
Man Utd out of FA Cup as Welbeck leads Brighton victory
AFRIMA Awards Full List of Winners
Wendy Shay wins Best Female Artiste, 2025 AFRIMA
Powell disclosed that the US Department of Justice served the Federal Reserve with subpoenas and threatened a criminal indictment. He said the inquiry focused on statements he made to lawmakers about the renovation project. Powell called the investigation “unprecedented” and linked it to former President Donald Trump’s frustration over the Fed’s refusal to cut interest rates.
According to Powell, the probe reflects growing political pressure on the central bank. He warned that the independence of the Federal Reserve now stands at risk. He said the issue goes beyond him and concerns whether interest rates will be set by economic evidence or by political intimidation.
Man Utd out of FA Cup as Welbeck leads Brighton victory
AFRIMA Awards Full List of Winners
Wendy Shay wins Best Female Artiste, 2025 AFRIMA
Trump denied any knowledge of the investigation in an interview with NBC News. While distancing himself from the probe, he criticized Powell’s performance as Fed chair and questioned his handling of the building renovations. The Justice Department has been contacted for comment.
The Federal Reserve is renovating its Eccles and Constitution Avenue buildings for the first time since the 1930s. The project includes major health and safety upgrades, such as removing asbestos and lead. The Fed says the work will lower long-term costs, but Trump has attacked the rising budget, which he claims has reached $3.1 billion, above the Fed’s $2.5 billion estimate. Powell, who Trump nominated in 2017, is due to step down in May, with a successor expected to be named soon.
