US EditionFederal prosecutors open criminal investigation into the Fed and Jerome Powell
Federal prosecutors subpoenaed the Fed over a $2.5 billion renovation and Powell's Senate testimony amid a year-long White House campaign to influence monetary policy.
- On Friday, the Department of Justice served grand jury subpoenas and threatened a criminal indictment of Federal Reserve chair Jerome H. Powell over a $2.5 billion renovation of the Federal Reserve headquarters.
- The renovation project ran substantially over budget and became a political flashpoint as the Trump administration attacked the Fed and Jerome H. Powell, while officials said Jeanine Pirro approved the inquiry last November.
- The subpoenas reportedly seek Powell's preparations for testimony and internal renovation files, while gold rose to $4,600 a troy ounce on Monday and Nasdaq futures fell-0.95% Sunday night.
- Senator Thom Tillis said he will block confirmations until the legal matter is resolved, and Jerome H. Powell said he will not resign and will continue his Senate-confirmed duties.
- The probe could unsettle markets this year as Trump names a successor, with RBC Capital Markets warning markets may price in higher inflation expectations and justice department guidelines noting subjects are sometimes notified before indictments by grand juries.
576 Articles
576 Articles
Jerome Powell says DOJ served him with subpoenas, claims it's really about one thing Trump wants
President Donald Trump‘s administration just made a shocking move against the Federal Reserve’s top leader. The Justice Department has started a criminal investigation into Jerome Powell, who chairs the Federal Reserve. This has raised serious worries about whether US monetary policy can stay independent. According to Al Jazeera, Powell said the Justice Department gave the Fed subpoenas. These legal documents are about testimony he gave to Congr…
Is Fed Independence at Risk After DOJ Subpoenas?
Long-running tensions between President Donald Trump and Federal Reserve Chair Jerome Powell have escalated. On Jan. 9, the Justice Department served the Federal Reserve with grand jury subpoenas. On Jan. 11, Powell released a video statement saying that the Justice…
US Senate Republicans defend independence of the Fed after DOJ launches Powell probe • SC Daily Gazette
Federal Reserve Chair Jerome Powell speaks during a press conference following the Federal Open Markets Committee meeting at the Federal Reserve on Dec. 10, 2025 in Washington, D.C. (Photo by Chip Somodevilla/Getty Images)WASHINGTON — President Donald Trump’s feud with Federal Reserve Chairman Jerome Powell has escalated into a Department of Justice investigation, raising alarm bells among some Republicans in the Senate, where Trump will need b…
Senate Republicans defend Federal Reserve independence after Trump launches probe
Federal Reserve Chair Jerome Powell speaks during a press conference following the Federal Open Markets Committee meeting at the Federal Reserve on Dec. 10, 2025 in Washington, D.C. (Photo by Chip Somodevilla/Getty Images)WASHINGTON — President Donald Trump’s feud with Federal Reserve Chairman Jerome Powell has escalated into a Department of Justice investigation, raising alarm bells among some Republicans in the Senate, where Trump will need b…
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