The U.S. Department of Justice has initiated a criminal investigation into Federal Reserve Chair Jerome H. Powell, serving grand jury subpoenas to the central bank on Friday, January 9, 2026. Powell publicly confirmed this in a video statement on Sunday, January 11, 2026. The investigation primarily concerns Powell's testimony before the Senate Banking Committee in June 2025, specifically scrutinizing the multi-year renovation project of the Federal Reserve's historic office buildings in Washington D.C. Reports indicate the probe aims to determine if Powell was untruthful in his congressional testimony regarding the scope and nature of these renovations. In a forceful response, Powell characterized the Justice Department's action as an "unprecedented" move and a component of a broader "pressure campaign" by the current administration, led by President Donald Trump. He alleged that the threat of criminal charges serves as a pretext to influence the Federal Reserve's independent decisions on interest rates, rather than being genuinely about his testimony or the building renovations. Powell reiterated his commitment to fulfilling the Fed's mandate of price stability and maximum employment without succumbing to political interference. This development marks a significant escalation in the ongoing tensions between the White House and the Federal Reserve, raising profound concerns about the central bank's institutional autonomy and its ability to conduct monetary policy free from political influence. The inquiry was reportedly approved in November 2025 by Attorney Jeanine Pirro, an appointee of President Trump.