It was announced late last night that Fed Chairman Jerome Powell is under a federal investigation. Powell received a subpoena to testify before a grand jury as the DOJ investigates his renovation of the Federal Reserve.
Here’s more on that from CBS News:
The Federal Reserve received grand jury subpoenas from the Justice Department Friday stemming from a criminal investigation into its chair, Jerome Powell, he said in a video statement Sunday.
The subpoenas threatened a criminal indictment related to Powell’s testimony before the Senate Banking Committee in June 2025, according to Powell.
“That testimony concerned in part a multi-year project to renovate historic Federal Reserve office buildings,” Powell said.
The project and Powell’s testimony came under scrutiny by the Trump administration last year, with Office of Management and Budget Chair Russell Vought accusing Powell of leading an “ostentatious” office renovation project that may be “violating the law.”
In his testimony to the Senate, Powell called some descriptions of the renovation project “misleading and inaccurate.” He told lawmakers there isn’t any new marble aside from what’s necessary to replace broken old marble and said there are no “special elevators,” new water features or rooftop gardens, disputing claims made by Vought.
Powell claimed in a video message last night that this is all a pretext and that this investigation is really about him raising interest rates last year. And you know that’s going to be the media narrative around this investigation since Powell just teed it up for them this way.