Federal Reserve Faces Grand Jury Subpoena Over Powell's Testimony

2026-01-12 09:01

Federal Reserve Chairman Jerome Powell announced on January 11 that the Department of Justice issued a grand jury subpoena to the Federal Reserve, threatening criminal charges related to his June 2025 Senate Banking Committee testimony. The testimony partially addressed the long-term renovation project of the Federal Reserve's historic office building. Powell clarified that the threat is not directly related to the testimony or the renovation project itself, but rather stems from the Federal Reserve's independent interest rate decisions based on economic assessments, rather than following presidential preferences.

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