Washington, United States
News Desk | National Politics
Washington, D.C. — Federal Reserve Chair Jerome Powell confirmed that the U.S. Department of Justice has launched a criminal investigation into his conduct, marking an unprecedented legal escalation in the ongoing conflict between the central bank and the White House. The inquiry, revealed Sunday in a video statement from Powell, stems from his June 2025 testimony before Congress about the Federal Reserve’s multi-year, $2.5 billion renovation of its Washington headquarters, he said.
Powell told the public that grand jury subpoenas were served to the Federal Reserve last Friday, threatening potential criminal charges tied to his statements on the renovation project. He characterized the action as unrelated to the substance of his testimony and instead said it was aimed at pressuring the Fed to adjust monetary policy, asserting that decisions on interest rates are being made based on economic data rather than political preference.
The development comes amid a prolonged dispute between President Donald Trump and Powell, who was initially nominated by Trump and later reappointed under a subsequent administration. Trump has repeatedly criticized Powell for maintaining higher interest rates and resisting demands to lower them sharply, a conflict that has intensified calls from the White House for leadership changes at the central bank.
In responses late Sunday and Monday, Trump distanced himself from the DOJ’s actions, saying he was unaware of the specifics of the investigation while continuing to criticize Powell’s stewardship of monetary policy. The Justice Department, which approved the investigation through U.S. Attorney Jeanine Pirro, declined to offer detailed comment but emphasized its focus on potential misuse of taxpayer funds.
Republican lawmakers, including Sen. Thom Tillis, expressed concern over the probe’s implications, with Tillis vowing to oppose any Federal Reserve nominations until the matter is resolved. Legal analysts say that while subpoenas and investigations do not guarantee charges, the situation raises profound questions about the independence of the central bank and the impartiality of the Justice Department.
The tension also intersects with broader legal battles: the Supreme Court is scheduled to hear a related case next week involving the attempted removal of Fed Governor Lisa Cook, another Trump administration challenge to central bank governance.
Powell’s term as chair is due to expire in May 2026, though he remains on the Federal Reserve Board through 2028. Financial markets have shown modest reactions to the news, but economists warn that perceived political interference could unsettle confidence in U.S. monetary policy.
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Hannah Price is a digital journalist who covers breaking news, global events, and trending stories with accuracy and speed. She has previously contributed to several online magazines and has built a reputation for verifying facts before publishing. Hannah believes in responsible reporting and aims to present stories in a way that readers can trust.
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