On Sunday, The New York Times reported that the U.S. attorney’s office in the District of Columbia has launched a criminal investigation into Federal Reserve Chairman Jerome Powell. The investigation reportedly focuses on Powell’s June 2025 congressional testimony about the central bank’s renovation of its Washington headquarters. Shortly after the first reports surfaced, Powell confirmed that he had received grand jury subpoenas from the Justice Department threatening a criminal indictment. The chairman called the investigation “unprecedented” and said the administration is threatening legal action to pressure the Fed to lower interest rates.

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