US Federal Reserve Board Chairman Jerome Powell speaks during a news conference following a Federal Open Market Committee (FOMC) meeting in Washington, DC, on Dec. 10, 2025.
Saul Loeb | AFP | Getty Images
Federal prosecutors have opened a criminal investigation of Federal Reserve Chairman Jerome Powell, The New York Times reported on Sunday evening, citing officials briefed on the matter.
The probe is eyeing “the central bank’s renovation of its Washington headquarters and whether Mr. Powell lied to Congress about the scope of the project,” the Times reported, citing those officials.
The investigation is being overseen by the U.S. Attorney’s Office for the District of Columbia, according to the newspaper. That office is led by U.S. Attorney Jeanine Pirro, a former New York state prosecutor and Fox News host, who was appointed to that job by President Donald Trump.
Trump has repeatedly blasted Powell for the Fed not cutting interest rates as much and as quickly as the president has demanded since entering the White House in January 2025.
This is breaking news. Please refresh for updates.
