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Report: Federal Prosecutors Open Criminal Probe into Fed Chair Powell
- On January 11, 2026, federal prosecutors in Washington, D.C., opened a criminal inquiry into Federal Reserve Chair Jerome Powell over the Marriner S. Eccles Building renovation and whether he misled Congress.
- $2.5 billion renovation has run roughly $700 million over initial projections due to asbestos, soil contamination, and higher materials and labour costs at the Marriner S. Eccles Building.
- Powell said the DOJ served grand jury subpoenas on Friday regarding his June 2025 Senate testimony, and the Fed published FAQs and additional materials.
- Powell responded that the subpoenas were a threat to the Fed's independence and vowed to continue in his duties, while the Department of Justice must still assemble evidence to secure an indictment.
- Authorized in November 2025 by U.S. Attorney Jeanine Pirro, the inquiry represents an extraordinary escalation of President Donald Trump's campaign against Powell and raises political pressure questions on the Federal Reserve.
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Jerome Powell said the Fed received a summons and attributed the action to Trump's pressure to lower interest rates
Federal Reserve President Jerome Powell accused that the U.S. central bank had received subpoenas from a grand jury from the Department of Justice threatening a criminal charge, a dramatic escalation of the Donald Trump administration's attacks on the Fed. In a strong written and video statement released on Sunday evening, January 11, Powell stated that the measure was related to his testimony before Congress in June on the ongoing renovations a…
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Coverage Details
Total News Sources184
Leaning Left37Leaning Right19Center98Last UpdatedBias Distribution64% Center
Bias Distribution
- 64% of the sources are Center
64% Center
L 24%
C 64%
12%
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