DOJ serves grand jury subpoenas to Federal Reserve, escalating criminal probe of Powell over renovation cost overruns

The Department of Justice serves the Federal Reserve with grand jury subpoenas, escalating a criminal investigation into Fed Chair Jerome Powell over his congressional testimony about the central bank's multi-billion-dollar headquarters renovation in Washington, D.C. The subpoenas were issued on Jan. 10, 2026. Powell publicly discloses the subpoenas on Jan. 11, calling the criminal threat a direct consequence of the Fed's refusal to lower interest rates faster to suit the White House's preferences. (Powell statement, Jan. 11, 2026)