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The U.S. attorney’s office for the District of Columbia has opened a criminal investigation into the Federal Reserve chair, zeroing in on the renovation of the central bank’s Washington headquarters and whether Powell was truthful in congressional testimony about the project, according to reporting first surfaced by The New York Times.
Officials said the probe focuses on whether Powell accurately described the scope and cost of the renovation during appearances on Capitol Hill.
Powell confirmed the Fed has been served—and then he went on offense. He said he respects the rule of law and congressional oversight, but called the Justice Department’s move “unprecedented” and politically motivated.
“This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings,” Powell said in a video statement Sunday evening. “The 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,” he added.
Video message from Federal Reserve Chair Jerome H. Powell: https://t.co/5dfrkByGyX pic.twitter.com/O4ecNaYaGH
— Federal Reserve (@federalreserve) January 12, 2026
And while Powell’s team is dealing with subpoenas, the White House is already window-shopping.
President Donald Trump is set to interview Rick Rieder, BlackRock’s chief investment officer of global fixed income, on Thursday at the White House as a potential replacement, FOX Business reported, citing administration sources.
The sit-down is expected to include Trump, chief of staff Susie Wiles, Treasury Secretary Scott Bessent, and deputy chief of staff Dan Scavino, according to the report.
Powell’s term as Fed chair ends May 15, 2026.
More over at Fox Business:
Federal Reserve Chair Powell under criminal investigation over HQ renovation, report https://t.co/qN3f2eDd2Z
— FOX Business (@FoxBusiness) January 12, 2026
