DOJ Opens Probe Into Fed Chair Jerome Powell

The United States Attorney’s Office for the District of Columbia (USAO-DC) has reportedly opened a criminal investigation into Federal Reserve Chairman Jerome Powell.

The investigation centers around the skyrocketing costs for the renovation of Federal Reserve headquarters, which greatly exceeded previous estimates of $2.5 billion. Powell confirmed the probe in a statement released Sunday.

“On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas, threatening a criminal indictment related to my testimony before the Senate Banking Committee last June,” Powell said in a statement. “That testimony concerned in part a multi-year project to renovate historic Federal Reserve office buildings.”

USAO-DC told the 🏢Daily Caller News Foundation that it does not comment on ongoing investigations.

Republican Rep. Anna Paulina Luna of Florida to referred Powell to the Justice Department on perjury allegations in July over the testimony before the Senate Banking Committee in June.

“I am criminally referring Jerome Powell to the DOJ to investigate perjury regarding his crazy $2.5BN building,” Luna said in a July 17, 2025 X post