Federal Reserve Chairman Jerome Powell has reportedly “ignored” multiple requests from prosecutors, which led the Justice Department to employ “legal means” to gather information regarding his testimony to Congress regarding changes to the Federal Reserve system, according to U.S. Attorney Jeanine Pirro.
Pirro, who is the leading federal prosecutor in Washington, D.C., downplayed alarming rumors from the previous evening that Powell might face criminal charges after a grand jury issued a subpoena to the Federal Reserve pertaining to his testimony before the Senate Banking Committee in June 2025. This testimony was linked to a renovation project that President Trump criticized.
Pirro pointed out that her office had reached out to the Fed several times about Powell’s comments to Congress, but those attempts were overlooked, which prompted the need for legal action. She emphasized that this was not intended as a threat.
“The words ‘indictment’ came from Mr. Powell’s mouth and no one else’s,” Pirro stated. “If they had just responded to our assistance, none of this would have happened.”
She further mentioned that her office operates based on merits and expressed a desire for Powell’s full cooperation, aligning with the notion that “no one is above the law.”
In a rare video message acknowledging the ongoing investigation, Powell described this criminal inquiry as an “unprecedented action” that is a direct result of the Federal Reserve’s decisions aimed at serving the public interest, rather than catering to the president’s wishes.
President Trump has consistently criticized Powell for being insufficiently aggressive in lowering interest rates.
Moreover, Trump has suggested the possibility of firing Powell and pursuing legal action for “gross incompetence” regarding the Fed’s headquarters renovations, which he claims exceeded the budget by about $1.5 billion on a project that originally cost $2.5 billion and started in 2022.
During his Senate testimony, Powell denied allegations that the renovations included lavish features outlined in project documents from 2021, such as a VIP dining area, luxury marble, new plumbing, and a rooftop garden.
In an interview with NBC News, Trump denied having any role in the criminal investigation.
