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This just in: President Trump’s Department of Justice has just launched a criminal investigation into Federal Reserve Chair Jerome Powell.
At the heart of the investigation is Powell’s congressional testimony to last June about his multi-billion dollar Federal Reserve renovation project.
He’s being accused of lying before Congress about the scope of the massively over-budget project.
BREAKING: The U.S. Attorney’s Office for the District of Columbia has opened a criminal investigation into Federal Reserve Chair Jerome Powell, examining the $2.5 billion renovation of the Fed’s Washington headquarters and whether Powell was truthful during congressional… pic.twitter.com/TeTIhv7xxc
— Fox News (@FoxNews) January 12, 2026
For some background, Fox Business shared exactly what Powell said during his June 2025 testimony:
In June 2025, Powell told members of the Senate Banking Committee that “There’s no new marble. There are no special elevators. They’re old elevators that have been there. There are no new water features. There are no beehives, and there’s no roof garden terraces.”
Powell also told lawmakers that no one “wants to do a major renovation of a historic building during their term in office.”
“We decided to take it on because, honestly, when I was the administrative governor, before I became chair, I came to understand how badly the Eccles Building really needed a serious renovation,” Powell said, adding that the building is “not really safe” and not waterproof.
He also said that the cost overruns are due, in part, to unexpected construction challenges and the nation’s inflation rate.
The project is expected to be completed in the fall of 2027, with Washington-based employees expected to begin working in the building in March 2028.
A few months ago, Powell looked stunned when President Trump showed him the actual cost of the renovations.
For reference, here’s that clip:
BREAKING: The US Attorney’s Office in DC has opened a CRIMINAL INVESTIGATION into Federal Reserve Chair Jerome Powell – NYT
The investigation is centered around whether Powell LIED TO CONGRESS about the scope of the expensive Fed renovations
RESIGN NOW, POWELL! FAFO. pic.twitter.com/It8B1VrFNm
— Eric Daugherty (@EricLDaugh) January 12, 2026
Jerome Powell announced the criminal investigation against himself in a video message on social media, where he cried political persecution.
Frankly, he looks panicked.
Watch this:
Video message from Federal Reserve Chair Jerome H. Powell: https://t.co/5dfrkByGyX pic.twitter.com/O4ecNaYaGH
— Federal Reserve (@federalreserve) January 12, 2026
For those who prefer to read, the Federal Reserve provided a full transcript of Powell’s statement:
Good evening.
On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas, threatening a criminal indictment related to my testimony before the Senate Banking Committee last June. That testimony concerned in part a multi-year project to renovate historic Federal Reserve office buildings.
I have deep respect for the rule of law and for accountability in our democracy. No one—certainly not the chair of the Federal Reserve—is above the law. But this unprecedented action should be seen in the broader context of the administration’s threats and ongoing pressure.
This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings. It is not about Congress’s oversight role; the Fed through testimony and other public disclosures made every effort to keep Congress informed about the renovation project. Those are pretexts. The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President.
This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions—or whether instead monetary policy will be directed by political pressure or intimidation.
I have served at the Federal Reserve under four administrations, Republicans and Democrats alike. In every case, I have carried out my duties without political fear or favor, focused solely on our mandate of price stability and maximum employment. Public service sometimes requires standing firm in the face of threats. I will continue to do the job the Senate confirmed me to do, with integrity and a commitment to serving the American people.
Thank you.
This is a huge deal, and Powell rightfully looks very nervous…
He should resign immediately.
This commenter on X is absolutely right:
Shouldn’t have lied to someone who has been in construction for many years. FAFO Jerome!
— adriana (@adriana16362329) January 12, 2026
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