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U.S. prosecutors have reportedly opened an investigation into Federal Reserve Chair Jerome Powell regarding the renovation of the central bank’s Washington, D.C. headquarters, according to a New York Times report published Sunday evening. The investigation is being handled by the U.S. attorney’s office for the District of Columbia and is said to involve officials who have been briefed on the matter.
The probe is focused on whether Powell provided misleading or false testimony to Congress about the scope, cost, and details of the Federal Reserve’s long-running headquarters renovation project. Prosecutors are reviewing Powell’s public statements alongside internal spending records to determine whether discrepancies exist between what was disclosed to lawmakers and the actual expenditures related to the project.
This investigation is widely seen as adding to the mounting political pressure on Powell from the administration of President Donald Trump. Trump has repeatedly criticized Powell for resisting calls to aggressively lower interest rates and has accused the Federal Reserve of mismanaging its renovation, even suggesting the possibility of fraud—claims that Powell has firmly denied. The Federal Reserve has maintained that the renovation costs are justified and transparent, citing security, infrastructure, and long-term operational needs.
In 2025, the Fed cut interest rates by a total of 75 basis points, a move that fell far short of Trump’s demands for much deeper and faster reductions. Powell defended the cautious approach by pointing to ongoing inflation risks and uncertainty surrounding the economic impact of Trump’s fiscal and trade policies. These policy disagreements have intensified tensions between the White House and the central bank.
Powell’s term as Federal Reserve Chair is set to expire in May, and Trump has indicated he plans to move quickly in naming a successor. In a recent interview with the New York Times, Trump said he has already chosen the next Fed Chair and will announce the decision soon. White House economic adviser Kevin Hassett and former Fed Governor Kevin Warsh are widely viewed as the leading candidates, both of whom support Trump’s push for lower interest rates.
As the investigation unfolds, it adds further uncertainty to the future leadership of the Federal Reserve and the direction of U.S. monetary policy, drawing close attention from financial markets, policymakers, and investors alike.
