Federal investigation into Jerome Powell

In November 2025, federal prosecutors in Washington, D.C., opened a criminal investigation into Jerome H. Powell, the Chair of the Federal Reserve, concerning the renovation of the Federal Reserve’s headquarters and whether Powell made false or misleading statements to Congress about the scope and cost of the project. The inquiry, approved by U.S. Attorney Jeanine Pirro, involves a review of Powell’s congressional testimony and an examination of internal spending and planning records related to the renovation.

The investigation marks a significant escalation in the long-running conflict between President Donald Trump and Powell, whom Trump has repeatedly criticized for resisting pressure to sharply cut interest rates. Trump has publicly accused Powell of “incompetence,” threatened to remove him from office, and raised the prospect of legal action tied to the renovation project. As of January 2026, Powell has not been charged with any crime.

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