Federal prosecutors in Washington, D.C., are investigating whether Jerome H. Powell misled Congress about the scale and cost of the Federal Reserve’s headquarters renovation, a project now estimated at around $2.5 billion and criticized by political opponents as excessive.
The inquiry by the U.S. Attorney’s Office for the District of Columbia centers on Powell’s assurances to lawmakers that the renovation did not include lavish perks, amid documents and project descriptions that opponents say suggest more upscale upgrades.
Powell has acknowledged receiving grand jury subpoenas and argued the case reflects broader political pressure from President Donald Trump, while the Fed insists the renovation is necessary, funded from its own income, and driven by safety, modernization, and regulatory compliance needs.
