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Federal Reserve (Fed) Chair Jerome Powell stated in a press release that the US Justice Division has threatened legal costs in opposition to him in connection together with his Senate Testimony final June, throughout which he mentioned the estimated $2.5 billion renovation.
“On Friday, the Division of Justice served the Federal Reserve with grand jury subpoenas, threatening a legal indictment associated to my testimony earlier than the Senate Banking Committee final June,” Powell stated.
Video message from Federal Reserve Chair Jerome H. Powell: https://t.co/5dfrkByGyX pic.twitter.com/O4ecNaYaGH
— Federal Reserve (@federalreserve) January 12, 2026
In response to Powell, the transfer is unprecedented and a direct problem to the Fed’s independence.
The probe’s launch by the US lawyer’s workplace in Washington, accepted in November by Jeanine Pirro, a President Trump ally appointed final yr to run the workplace, features a overview of Powell’s public testimony and an examination of spending data linked to the venture.
Trump Opens New Authorized Entrance Towards Fed Chair Powell Amid Price Minimize Disputes
The current investigation now opens a serious new authorized entrance in opposition to Powell, whom Trump has repeatedly attacked for resisting calls for to sharply minimize rates of interest.
President Trump has repeatedly and publicly threatened to fireplace the Fed chair, regardless of nominating him in 2017, and has raised the prospect of authorized motion over the renovation, which he described as “incompetence.”
Though Powell stands and respects accountability, he has repeatedly warned that the motion should be seen in its broader political context of the administration’s threats and ongoing stress.
“This new menace is just not about my testimony final June or concerning the renovation of the Federal Reserve buildings. It isn’t about Congress’s oversight position,” he stated.
As a substitute, Powell straight linked the menace to financial coverage selections. “These are pretexts. The specter of legal costs is a consequence of the Federal Reserve setting rates of interest primarily based on our greatest evaluation of what is going to serve the general public, somewhat than following the preferences of the President,” he stated.
Powell has now stated that he would proceed in his position with out yielding to stress.
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