(PiCK TEST) U.S. prosecutors in Washington, D.C., open criminal probe into Fed Chair Powell…allegations of perjury over HQ renovation

U.S. federal prosecutors have reportedly launched a preliminary review into matters involving Jerome Powell, chair of the Federal Reserve (Fed).

According to The New York Times (NYT) on the 11th (local time), the U.S. Attorney’s Office for the District of Columbia has opened a criminal investigation into Powell. The probe is focusing on whether he made false statements to Congress in connection with the renovation of the Fed’s Washington headquarters.

The investigation was launched in November 2025 with approval from U.S. Attorney Jeanine Pirro, and reportedly includes a review of Powell’s past public remarks and the Fed’s related spending records. Prosecutors are said to be examining whether there were discrepancies between the project’s actual scope and Powell’s congressional testimony.

The total budget for the Fed headquarters renovation at issue was set at about $2.5 billion, and there are concerns that cost overruns of roughly $700 million could occur. As a result, the appropriateness of project management and budget execution also appears to have become part of the investigation.

Powell had previously denied at a congressional hearing that the renovation included luxury amenities such as private elevators or marble finishes. However, he later said that certain designs and functions were adjusted during the course of the project. The Fed has not issued an official comment on the investigation.

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