U.S. Federal Prosecutors Launch Criminal Investigation Against Fed Chair Powell

Odaily News: The U.S. Attorney's Office for the District of Columbia has launched a criminal investigation into Federal Reserve Chairman Jerome H. Powell. The investigation focuses on the renovation project at the Federal Reserve's Washington headquarters and whether Jerome H. Powell committed perjury before Congress regarding the scale of the project. The investigation was approved by prosecutor Jeanine Pirro in November 2025 and includes an analysis of Jerome H. Powell's public statements and a review of expenditure records. The renovation project had a budget of approximately $2.5 billion and is currently estimated to be over budget by $700 million. Jerome H. Powell previously denied during a congressional hearing that the project included luxury facilities such as private elevators and marble decorations, stating that the project plan had evolved and some features had been scaled back. The Federal Reserve has declined to comment on the matter.