News · 12 January 2026
Justice Department Investigates Fed Chair Powell Over Testimony
The Justice Department has launched a criminal investigation into Federal Reserve Chair Jerome Powell regarding his testimony before the Senate Banking Committee about the renovation of Federal Reserve buildings. Powell stated the investigation is likely due to his refusal to lower interest rates under pressure from President Trump. Trump denied involvement but criticized Powell's performance. The investigation has sparked concerns about the Fed's independence in setting monetary policy.
Reported by federalreserve.gov · How we write briefs