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

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Summary

The US Attorney’s Office for the District of Columbia reportedly opened a criminal investigation into Federal Reserve Chair Jerome Powell.
The probe is said to focus on whether he made false statements related to the Fed’s Washington headquarters renovation project, along with the Fed’s related spending records.
With the renovation’s total budget at about $2.5 billion and the possibility of roughly $700 million in cost overruns, the appropriateness of budget execution and project management has also reportedly come under investigation.

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US federal prosecutors have reportedly launched a preliminary review into matters surrounding Federal Reserve Chair Jerome Powell.

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

The investigation was initiated in November 2025 with the approval of US Attorney Jeanine Pirro, and is said to include a review of Powell’s past public remarks and the Fed’s related spending records. Prosecutors are reportedly 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 the possibility of cost overruns of roughly $700 million is now being raised. As a result, the appropriateness of project management and budget execution also appears to be under scrutiny.

Previously, Powell denied at a congressional hearing that the renovation included luxury facilities such as a private elevator or marble finishes. He later said that some designs and functions were adjusted during the course of the project. Meanwhile, the Fed has not issued any official comment regarding the investigation.

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