Federal Reserve Chair Jerome Powell announced on Sunday, January 11, 2026, that the Federal Reserve has been served with grand jury subpoenas by the Department of Justice. These subpoenas are connected to testimony Powell provided to the Senate Banking Committee last summer concerning a Fed building renovation project.
Powell stated that the DOJ is threatening him with a criminal indictment over this testimony, which he described as a "pretext" by the Trump administration to exert pressure on the Federal Reserve to lower interest rates. This situation represents a significant escalation in the ongoing conflict between Powell and Donald Trump, which began during Powell's tenure as Fed chair in 2018. Powell affirmed his respect for the rule of law and accountability, emphasizing that no one, including the Fed chair, is exempt from legal scrutiny.
The White House had not issued an immediate response to requests for comment.