Powell Says DOJ Threatened Indictment Over Fed Testimony

On Sunday, Fed Chair Jerome Powell told the media that the Trump administration had threatened a criminal indictment against him and had served the Fed with grand‑jury subpoenas following his June 2025 testimony about a $2.5 billion renovation of two historic Fed buildings in Washington, D.C. Powell said the DOJ’s actions, taken on the Friday before the story broke, were a pretext to “gain more influence over” monetary policy. Republican Senator Thom Tillis warned that the threat undermined the Department of Justice’s independence, while the Supreme Court is set to hear the case involving Gov. Lisa Cook on Jan 21, 2026. President Trump denied any knowledge of the subpoenas and has repeatedly pushed to lower interest rates, citing the Fed’s policy as an economic drag.