Federal Reserve Chair Jerome Powell Facing U.S. Federal Prosecutor Criminal Investigation

By The Blog Source

Jerome Powell, the longstanding president of the Federal Reserve, is currently the subject of a federal criminal investigation over whether he misled Congress about the extent and expense of the central bank's expansive Washington headquarters makeover. The U.S. Attorney's Office for the District of Columbia is reviewing Powell's congressional testimony regarding the $2.5 billion renovation of the Fed's two main office buildings in the Foggy Bottom neighborhood, including whether his descriptions of the project's size and features were accurate, according to officials quoted by the New York Times.

Beginning in 2022 and expected to conclude in 2027, the project has transformed into a politically charged issue. Powell has repeatedly emphasized that the Federal Reserve, not congressional appropriations, is providing all of the project's funding. The Fed does the financing by using interest revenue from government assets and fees paid by financial institutions. He told lawmakers that the historic Eccles Building was dangerous, not watertight, and in urgent need of refurbishment, calling the work a long-overdue necessity. Powell previously stated, "No one wants to do a major renovation of a historic building during their term," adding that he only gave his approval to the project after personally witnessing the facility's decline.

However, Powell is accused by Republicans of minimizing or ignoring opulent amenities that were present in previous planning plans, such as rooftop terraces, VIP dining places, marble finishes, special elevators, water features, and even beehives. White House officials have even compared the inflation-adjusted cost of the renovation to that of the Palace of Versailles. Powell made an effort to refute those allegations when he appeared before the Senate Banking Committee in June 2025, stating that none of the ostentatious elements from a 2021 draft made it into the final version. "The marble isn't new,” he stated. "There are no roof garden terraces, no new water features, and no special elevators."

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Powell and President Trump, who first selected Powell during his first term when Republicans controlled both chambers of Congress, have been at odds for years. Trump and Powell have been at odds over interest rates on numerous occasions. At one point, Trump called for Powell to step down and openly demanded further cuts even when inflation dropped below 3 percent.

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Powell's term expires in May 2026, and Trump revealed to the Times last week that he has already identified a replacement. The probe has thrown the typically technocratic central bank into a full-fledged political and legal storm, regardless of whether charges are ever brought against it. Long before the Fed's headquarters removes the scaffolding, this storm has the potential to alter Powell's final chapter.

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