DOJ probes Fed Chair Powell for alleged false testimony on renovation costs

Описание: The Justice Department has opened an investigation into the Federal Reserve's renovation of its D.C. headquarters and Chairman Jerome Powell.
Prosecutors allege Powell lied to Congress while testifying last June about the cost of the renovations. Powell confirmed in a video posted Sunday that the Fed received Grand Jury subpoenas from the DOJ, threatening criminal indictment.
That testimony concerned in part a multi-year project to renovate historic Federal Reserve office buildings," Powell said.
Prosecutors are investigating whether or not Powell was truthful about the costs of the renovations, which have grown from around $1.9 billion to at least $2.5 billion. During his testimony in June, Powell told lawmakers the renovations didn't include lavish features like a VIP dining room and new marble.
There are no special elevators. They're old elevators that have been there. There are no water features. There are no beehives and there are no roof terrace gardens," Powell told lawmakers in June, 2025.
The Fed has said the rise in cost is because of materials, labor and unexpected complications like asbestos. But critics, including President Trump, have called the project a misuse of funds. In December, Trump even hinted that the administration could be bringing a lawsuit against Powell.
The guy is just incompetent. There is nothing you can do about it. He's just a very incompetent man but we're probably going to bring a lawsuit against him," Trump said in December.