BREAKING: The U.S. Attorney’s Office for the District of Columbia has opened a criminal investigation into Federal Reserve Chair Jerome Powell, examining the $2.5 billion renovation of the Fed’s Washington headquarters and whether Powell was truthful during congressional testimony about the project.

BREAKING: The U.S. Attorney’s Office for the District of Columbia has opened a criminal investigation into Federal Reserve Chair Jerome Powell, examining the $2.5 billion renovation of the Fed’s Washington headquarters and whether Powell was truthful during congressional testimony about the project.

The U.S. Attorney’s Office for the District of Columbia has launched a criminal investigation into Federal Reserve Chair **Jerome H. Powell**, focusing on the **$2.5 billion renovation** of the Federal Reserve’s Washington, D.C., headquarters and whether Powell was truthful during his congressional testimony about the project. ([Reuters][1])

According to officials familiar with the matter, prosecutors are examining Powell’s public statements to Congress about the scope and cost of the renovation. At issue is whether Powell **mischaracterized key details** when questioned by lawmakers about what the project entailed and why costs rose far above earlier estimates. Investigators are also reviewing internal spending records tied to the refurbishment. ([mint][2])

The renovation, which covers upgrades to the historic Marriner S. Eccles Building and adjacent Fed facilities, began in 2022 and has attracted criticism from some lawmakers and the White House for its high price tag and evolving plans. Powell previously testified that the most controversial elements — such as special elevators or luxury finishes — were not part of the current construction. ([mint][2])

In response to the investigation, Powell issued a rare public statement arguing that the inquiry is **politically motivated**, framing it as part of broader pressure from the administration over Federal Reserve policy, particularly disagreements on interest rates. He defended the transparency of the Fed’s disclosures to Congress and emphasized his commitment to the institution’s independent decision‑making. ([AP News][3])

It remains unclear whether prosecutors have convened a grand jury or will pursue formal charges. Legal experts note that opening an investigation does not guarantee charges will be filed, especially in complex cases involving congressional testimony. ([Wikipedia][4])

The development represents an extraordinary legal and political escalation for the Federal Reserve and its leader, occurring amid ongoing tensions between Powell and political officials over monetary policy and accountability. ([Reuters][1])

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