The Federal Reserve has not yet complied with grand jury subpoenas tied to a criminal investigation of Fed Chair Jerome Powell, according to a source cited by CNBC.
The probe remains active as federal prosecutors in Washington continue reviewing Powell’s testimony before the Senate Banking Committee last year.
The subpoenas relate to statements about the Fed’s $2.5 billion headquarters renovation project. It is unclear when the Federal Reserve must turn over the requested documents.
The Fed has not yet complied with grand jury subpoenas issued as part of a criminal investigation of Fed Chair Jerome Powell by federal prosecutors in Washington, D.C., a person familiar with the situation told CNBC on Wednesday. https://t.co/zUJZrJo23p pic.twitter.com/mhebXaKYGX
— CNBC (@CNBC) January 28, 2026
Powell confirmed earlier this month that he is under criminal investigation.
The case is being handled by the office of Jeanine Pirro, the U.S. attorney for the District of Columbia, and involves the Department of Justice.
Powell has said the investigation stems from pressure by President Donald Trump over the Fed’s pace of interest rate cuts.
He has argued that monetary policy decisions are based on economic judgment, not political demands.
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TIPP Staff
