DOJ Investigates Powell and Federal Reserve Since Late Last Year

Federal prosecutors initiated a criminal investigation into the Federal Reserve’s office renovations last November, coinciding with President Trump’s public criticisms of Fed Chairman Jerome Powell. The U.S. Attorney’s Office for D.C., led by Trump ally Jeanine Pirro, issued subpoenas without notifying key officials, prompting Powell to accuse the administration of attempting to undermine the Fed’s independence. Trump suggested legal action against Powell for incompetence, while Powell claimed the investigation was politically motivated. Critics, including Sen. Thom Tillis, expressed concerns about the administration’s efforts to erode the Fed’s independence and the integrity of the Justice Department.