Powell: DOJ Served the Fed With Grand Jury Subpoenas Threatening a Criminal Indictment Over His Renovation Testimony
On the evening of January 11, 2026, Federal Reserve Chair Jerome H. Powell issued a statement saying that on Friday, January 9, the Department of Justice had served the Federal Reserve with grand jury subpoenas, threatening a criminal indictment related to his testimony before the Senate Banking Committee the previous June. That testimony concerned in part a multi-year project to renovate historic Federal Reserve office buildings.
Powell said he has deep respect for the rule of law and for accountability in democracy, and that no one, certainly not the chair of the Federal Reserve, is above the law. But he said this unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure.
"This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings," Powell said. "It is not about Congress's oversight role; the Fed through testimony and other public disclosures made every effort to keep Congress informed about the renovation project. Those are pretexts. The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President."
He said the question is whether the Fed will be able to continue to set interest rates based on evidence and economic conditions, or whether monetary policy will instead be directed by political pressure or intimidation. Powell said he has served at the Federal Reserve under four administrations, Republicans and Democrats alike, carrying out his duties without political fear or favor, focused solely on the mandate of price stability and maximum employment, and that he will continue to do the job the Senate confirmed him to do, with integrity and a commitment to serving the American people.
Related: Federal Reserve Holds Rates Steady at 3.50% to 3.75% in First Decision of 2026
Source: Federal Reserve Board
Published by GSM · USA (original Chinese edition)
Photo: 图：位于美国华盛顿的美联储总部埃克尔斯大楼正面（资料照片）。美联储摄，公共领域，经 Wikimedia Commons；联邦固定图库标准图。 / Photo: The front of the Eccles Building, headquarters of the Federal Reserve in Washington (file photo). Photo by the Federal Reserve, public domain, via Wikimedia Commons; standard image from the GSM federal fixed-image library.
