Federal Reserve Chair Jerome Powell under investigation over

Federal Reserve Chair Jerome Powell under investigation over

The US lawyer’s workplace for the District of Columbia has opened a felony investigation into Federal Reserve Chair Jerome Powell, specializing in the renovation of the central financial institution’s Washington headquarters and whether or not he was truthful in his congressional testimony about the project, according to a report by The New York Times.

Officials told the Times that the probe facilities on whether or not Powell precisely characterised the scope and price of the renovation during congressional appearances.

The Federal Reserve didn’t instantly reply to Fox Business’ request for remark.

The renovation of the Fed’s two main workplace buildings in Washington’s Foggy Bottom neighborhood is estimated to value $2.5 billion and is being funded by the central financial institution itself, not by taxpayers.

The Fed is self-financing and doesn’t depend on congressional appropriations to cowl its working bills, which embody worker salaries, services upkeep and the current renovation. Its major earnings comes from curiosity earned on authorities securities and costs charged to monetary establishments.

In June 2025, Powell told members of the Senate Banking Committee that “There’s no new marble. There are no special elevators. They’re old elevators that have been there. There are no new water features. There are no beehives, and there’s no roof garden terraces.”

The US lawyer’s workplace for the District of Columbia has opened a felony probe into Federal Reserve Chair Jerome Powell. REUTERS

Powell also told lawmakers that nobody “wants to do a major renovation of a historic building during their term in office.”

“We decided to take it on because, honestly, when I was the administrative governor, before I became chair, I came to understand how badly the Eccles Building really needed a serious renovation,” Powell said, including that the constructing is “not really safe” and never waterproof.

President Donald Trump has beforehand threatened authorized action over the renovations.

The project is predicted to be accomplished in the fall of 2027, with Washington-based staff anticipated to start working in the constructing in March 2028.

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