Jerome Powell Says DOJ Threatens Criminal Charges

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Federal Reserve (Fed) Chair Jerome Powell stated in an announcement that the US Justice Division has threatened prison prices towards him in connection along with his Senate Testimony final June, throughout which he mentioned the estimated $2.5 billion renovation.

“On Friday, the Division of Justice served the Federal Reserve with grand jury subpoenas, threatening a prison indictment associated to my testimony earlier than the Senate Banking Committee final June,” Powell stated.

Video message from Federal Reserve Chair Jerome H. Powell: https://t.co/5dfrkByGyX pic.twitter.com/O4ecNaYaGH

— Federal Reserve (@federalreserve) January 12, 2026

Based on Powell, the transfer is unprecedented and a direct problem to the Fed’s independence.

The probe’s launch by the US legal professional’s workplace in Washington, authorized in November by Jeanine Pirro, a President Trump ally appointed final yr to run the workplace, features a assessment of Powell’s public testimony and an examination of spending data linked to the venture.

Trump Opens New Authorized Entrance In opposition to Fed Chair Powell Amid Charge Minimize Disputes

The current investigation now opens a serious new authorized entrance towards Powell, whom Trump has repeatedly attacked for resisting calls for to sharply reduce rates of interest.

President Trump has repeatedly and publicly threatened to fireplace the Fed chair, regardless of nominating him in 2017, and has raised the prospect of authorized motion over the renovation, which he described as “incompetence.”

Though Powell stands and respects accountability, he has repeatedly warned that the motion have to be considered in its broader political context of the administration’s threats and ongoing stress.

“This new menace will not be about my testimony final June or concerning the renovation of the Federal Reserve buildings. It’s not about Congress’s oversight function,” he stated.

As a substitute, Powell immediately linked the menace to financial coverage selections. “These are pretexts. The specter of prison prices is a consequence of the Federal Reserve setting rates of interest primarily based on our greatest evaluation of what is going to serve the general public, reasonably than following the preferences of the President,” he stated.

Powell has now stated that he would proceed in his function with out yielding to stress.