The U.S. federal prosecutor has launched a criminal investigation into Federal Reserve Chairman Powell

The U.S. Attorney's Office for the District of Columbia has launched a criminal investigation into Federal Reserve Chairman Jerome H. Powell. The investigation focuses on the renovation project at the Federal Reserve's Washington headquarters and whether Jerome H. Powell lied to Congress about the scale of the project.

The investigation was approved by Prosecutor Jeanine Pirro in November 2025 and includes an analysis of Jerome H. Powell's public statements and a review of expenditure records. The renovation project has a budget of approximately $2.5 billion and is currently estimated to be over budget by $700 million. Jerome H. Powell previously denied in a congressional hearing that the project included luxury features such as private elevators and marble decor, stating that some functions had been cut back as the project plan evolved. The Federal Reserve has declined to comment on the matter.