Federal Reserve Chair Jerome Powell said Sunday night that the Justice Department has opened a criminal investigation involving his conduct, disclosing that federal prosecutors issued grand jury subpoenas to the Federal Reserve late last week.
In a recorded statement posted to the Federal Reserve’s official X account, Powell said the subpoenas threatened a criminal indictment connected to his testimony before the Senate Banking Committee last June. He explained that the inquiry focuses in part on statements he made regarding a long-running renovation of historic Federal Reserve buildings.
Powell suggested the investigation cannot be separated from mounting political pressure on the central bank, pointing to repeated public criticism from President Donald Trump over the Fed’s interest rate policies.
