Fed Chair Powell under criminal probe by federal prosecutors: Report

[demmiblue]

Federal prosecutors have opened a criminal investigation of Federal Reserve Chairman Jerome Powell, The New York Times reported on Sunday evening, citing officials briefed on the matter.

The probe is eyeing “the central bank’s renovation of its Washington headquarters and whether Mr. Powell lied to Congress about the scope of the project,” the Times reported, citing those officials.

The investigation is being overseen by the U.S. Attorney’s Office for the District of Columbia, according to the newspaper. That office is led by U.S. Attorney Jeanine Pirro, a former New York state prosecutor and Fox News host, who was appointed to that job by President Donald Trump.

Trump has repeatedly blasted Powell for the Fed not cutting interest rates as much and as quickly as the president has demanded since entering the White House in January 2025.

https://www.cnbc.com/2026/01/12/fed-jerome-powell-criminal-probe-nyt.html

[demmiblue]

1. Statement from Federal Reserve Chair Jerome H. Powell

Good evening.

On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas, threatening a criminal indictment related to my testimony before the Senate Banking Committee last June. That testimony concerned in part a multi-year project to renovate historic Federal Reserve office buildings.

I have deep respect for the rule of law and for accountability in our democracy. No one—certainly not the chair of the Federal Reserve—is above the law. But this unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure.

This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings. It is not about Congress's oversight role; the Fed through testimony and other public disclosures made every effort to keep Congress informed about the renovation project. Those are pretexts. 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.

This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions—or whether instead monetary policy will be directed by political pressure or intimidation.

I have served at the Federal Reserve under four administrations, Republicans and Democrats alike. In every case, I have carried out my duties without political fear or favor, focused solely on our mandate of price stability and maximum employment. Public service sometimes requires standing firm in the face of threats. I will continue to do the job the Senate confirmed me to do, with integrity and a commitment to serving the American people.

Thank you.

https://www.federalreserve.gov/newsevents/speech/powell20260111a.htm

[demmiblue]

3. Video statement:

[Midnight Writer]

2. He has always harassed people with lawsuits. Now he harasses people with law enforcement.

[canetoad]

4. What about the scope

Of his feckin' ballroom project?

[LetMyPeopleVote]

5. Statement from Chairman Powell

Link to tweet

?s=20