Jerome Powell, president of the US Federal Reserve, during the Hoover Institution's George P. Shultz Memorial Lecture Series successful Stanford, California, US, connected Monday, Dec. 1, 2025.
Jason Henry | Bloomberg | Getty Images
The Federal Reserve has not yet complied with expansive assemblage subpoenas issued arsenic portion of a criminal investigation of Fed Chair Jerome Powell by national prosecutors successful Washington, D.C., a idiosyncratic acquainted with the concern told CNBC connected Wednesday.
The probe of Powell is continuing, according to that person, who spoke hours earlier the Fed is acceptable to uncover whether it volition cut involvement rates for the 4th clip successful caller months.
It is not wide erstwhile the deadline is for the Fed to crook implicit documents demanded by the subpoena.
Powell connected Jan. 11 said that helium was nether transgression investigation.
The probe is being conducted by the bureau of Jeanine Pirro, the U.S. Attorney for the District of Columbia.
Read much CNBC authorities coverage
Powell said connected Jan. 11 that the Department of Justice days earlier served the Fed "with expansive assemblage subpoenas threatening a transgression indictment related to my grounds earlier the Senate Banking Committee past June" astir the cardinal banks $2.5 cardinal renovation of its headquarters.
Powell besides said that the probe resulted from vexation by President Donald Trump implicit the Fed's refusal to cut involvement rates arsenic rapidly and arsenic overmuch arsenic the president wanted past year.
"The menace of transgression charges is simply a effect of the Federal Reserve mounting involvement rates based connected our champion appraisal of what volition service the public, alternatively than pursuing the preferences of the President," Powell said successful a video statement tweeted by the Fed's X account.
English (US) ·