Federal Prosecutors Open Criminal Inquiry Into Fed Chair Jerome Powell

According to The New York Times, the investigation centers on a $2.5 billion Federal Reserve headquarters renovation and whether Powell misled Congress about its scope and cost.

According to The New York Times, federal prosecutors in Washington have opened a criminal investigation into Jerome Powell, focusing on the costly renovation of the Federal Reserve’s headquarters and whether Powell misled Congress about the scope of the project. The probe, authorized in November by U.S. Attorney Jeanine Pirro, is examining Powell’s public testimony and internal spending records tied to the roughly $2.5 billion renovation, which is now estimated to be about $700 million over budget. The investigation marks a significant escalation in President Trump’s long-running clash with Powell over interest rates and Fed leadership. While investigators have requested documents, it remains unclear whether a grand jury has been convened or whether the inquiry will lead to charges, according to The New York Times.