US EditionFederal prosecutors open criminal investigation into the Fed and Jerome Powell
Federal prosecutors subpoenaed the Fed over a $2.5 billion renovation and Powell's Senate testimony amid a year-long White House campaign to influence monetary policy.
- On Friday, the Department of Justice served grand jury subpoenas and threatened a criminal indictment of Federal Reserve chair Jerome H. Powell over a $2.5 billion renovation of the Federal Reserve headquarters.
- The renovation project ran substantially over budget and became a political flashpoint as the Trump administration attacked the Fed and Jerome H. Powell, while officials said Jeanine Pirro approved the inquiry last November.
- The subpoenas reportedly seek Powell's preparations for testimony and internal renovation files, while gold rose to $4,600 a troy ounce on Monday and Nasdaq futures fell-0.95% Sunday night.
- Senator Thom Tillis said he will block confirmations until the legal matter is resolved, and Jerome H. Powell said he will not resign and will continue his Senate-confirmed duties.
- The probe could unsettle markets this year as Trump names a successor, with RBC Capital Markets warning markets may price in higher inflation expectations and justice department guidelines noting subjects are sometimes notified before indictments by grand juries.
541 Articles
541 Articles
Speaker Johnson on Powell investigation: DOJ 'not being weaponized'
Speaker Mike Johnson (R-La.) denied that the Department of Justice is being “weaponized” to help pursue President Trump’s policy goals as it opens a criminal probe into Federal Reserve Chair Jerome Powell. “No, the Justice Department is not being weaponized,” Johnson told reporters on Monday. “It was for four years under Biden-Harris so that is [...]
Senate Republicans defend Federal Reserve independence after Trump launches probe
Federal Reserve Chair Jerome Powell speaks during a press conference following the Federal Open Markets Committee meeting at the Federal Reserve on Dec. 10, 2025 in Washington, D.C. (Photo by Chip Somodevilla/Getty Images)WASHINGTON — President Donald Trump’s feud with Federal Reserve Chairman Jerome Powell has escalated into a Department of Justice investigation, raising alarm bells among some Republicans in the Senate, where Trump will need b…
DOJ Opens Criminal Probe Into Jerome Powell For Crime Of Not Cutting Interest Rates
Federal Reserve Chair Jerome Powell released a highly unusual weekend video message to announce that the Department of Justice served the nation’s central bank with grand jury subpoenas, signaling a criminal investigation targeting the Fed and specifically Powell. It’s the sort of response one would expect from a national leader responding to an unprovoked attack by a rogue state, which — under the circumstances — might be the appropriate aesthe…
Trump’s Escalating Feud With Jerome Powell Shakes Currency and Gold Markets
The dollar sold off and gold rallied on Monday, after Donald Trump ramped up his assault on the Federal Reserve by opening an unprecedented criminal investigation into the central bank and its chair, Jerome Powell. The US dollar fell some 0.36 per cent against a basket of major currencies, while the spot rate of gold climbed as much as 1.9 per cent as traders digested the President’s most dramatic salvo of a long-running feud with the Fed and it…
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