Federal Reserve Chair Powell Says DOJ Served Fed With Subpoenas, Faces Threat of Criminal Indictment

Federal Reserve Chair Jerome H. Powell revealed that the U.S. central bank has been served grand jury subpoenas by the Department of Justice, which included a threat of a criminal indictment tied to his testimony before Congress last June about the $2.5 billion renovation of historic Federal Reserve office buildings. Powell characterized the legal action as unprecedented and part of a broader pressure campaign by the Trump administration aimed at influencing the Fed’s decisions on interest rates — a direct challenge to the Federal Reserve’s longstanding independence. Powell stressed that the subpoenas were not truly about the building project, but rather an attempt to intimidate the central bank into aligning monetary policy with political preferences, particularly to more aggressively cut interest rates. Despite President Donald Trump’s repeated criticism and calls for his removal, Powell vowed to continue serving with integrity and uphold evidence‑based decision‑making. The situation has sparked market reactions, with U.S. stock futures and the dollar dipping, while gold prices rose amid concerns over the Fed’s autonomy. The DOJ has not publicly commented, and the White House referred inquiries to the Justice Department. #JeromePowell #FederalReserve #DOJSubpoenas #FedIndependence #SlimScan #GrowthStocks #CANSLIM