US Federal Reserve Board Chairman Jerome Powell speaks during a quality league pursuing a Federal Open Market Committee (FOMC) gathering successful Washington, DC, connected Dec. 10, 2025.
Saul Loeb | AFP | Getty Images
Federal prosecutors person opened a transgression probe of Federal Reserve Chairman Jerome Powell, helium confirmed connected Sunday evening.
Powell said the probe was the effect of the Fed "setting involvement rates based connected our champion appraisal of what volition service the public, alternatively than pursuing the preferences of" President Donald Trump.
"On Friday, the Department of Justice served the Federal Reserve with expansive assemblage subpoenas threatening a transgression indictment related to my grounds earlier the Senate Banking Committee past June
that grounds acrophobic successful part, a multi-year task to renovate historical Federal Reserve bureau buildings," Powell said successful a video connection tweeted by the Fed's X account.
"I person heavy respect for the regularisation of instrumentality and for accountability successful our democracy. No one, surely not the seat of the Federal Reserve is supra the law, but this unprecedented enactment should beryllium seen successful the broader discourse of the administration's threats and ongoing pressure," Powell said.
The New York Times archetypal reported the probe, citing officials briefed connected the matter.
The probe is being overseen by the U.S. Attorney's Office for the District of Columbia, according to the newspaper.
That bureau is led by U.S. Attorney Jeanine Pirro, a erstwhile New York authorities authoritative and Fox News host, who was appointed to that occupation by Trump.
Trump has repeatedly blasted Powell for the Fed not cutting involvement rates arsenic overmuch and arsenic rapidly arsenic the president has demanded since entering the White House successful January 2025.
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