Federal Reserve Chair Jerome Powell said the Department of Justice has served the Federal Reserve with grand jury subpoenas that could lead to criminal charges related to his prior testimony to Congress.<\/p>\n\n\n\n
In a statement<\/a> released Sunday, Powell said the subpoenas were delivered Friday and could lead to criminal charges tied to his testimony before the Senate Banking Committee last June, which addressed a multi-year renovation project at Federal Reserve office buildings.<\/p>\n\n\n\n \u201cNo one\u2014certainly not the chair of the Federal Reserve\u2014is above the law,\u201d Powell said. \u201cBut this unprecedented action should be seen in the broader context of the administration\u2019s threats and ongoing pressure.\u201d<\/p>\n\n\n\n Powell rejected the premise of the investigation, saying it is not about his testimony or congressional oversight. <\/p>\n\n\n\n \u201cThose are pretexts,\u201d he said. \u201cThe threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President.\u201d<\/p>\n\n\n\n \u201cThis is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions\u2014or whether instead monetary policy will be directed by political pressure or intimidation,\u201d Powell added.<\/p>\n\n\n\n The investigation is being overseen by the U.S. Attorney\u2019s Office for the District of Columbia, according to reporting cited by CNBC<\/a>. That office is led by Jeanine Pirro, who was appointed by President Donald Trump. <\/p>\n\n\n\n Trump has repeatedly demanded that the Fed cut interest rates and has publicly criticized Powell when it has not done so.<\/p>\n\n\n\n Powell testified last summer about cost overruns tied to the Fed\u2019s headquarters renovation, with the projected cost rising from $1.9 billion to $2.5 billion.<\/p>\n\n\n\n Video message from Federal Reserve Chair Jerome H. Powell: https:\/\/t.co\/5dfrkByGyX<\/a> pic.twitter.com\/O4ecNaYaGH<\/a><\/p>— Federal Reserve (@federalreserve) January 12, 2026<\/a><\/blockquote>