WASHINGTON — Federal Reserve Chair Jerome Powell said the U.S. Department of Justice has issued subpoenas to the central bank in connection with building renovation projects and related matters.
Powell disclosed the subpoenas ahead of his scheduled testimony before the Senate Banking Committee in June 2025. He said the documents referenced potential criminal exposure linked to information that could arise during his appearance but did not identify specific buildings, projects, or individuals under investigation.
“The subpoenas included language that raised the possibility of a criminal indictment,” Powell said, adding that they were served to the Federal Reserve as an institution. He did not provide details on the scope of the Justice Department’s review, the timeline of the renovations, or project costs.
The subpoenas arrive as Powell prepares to discuss monetary policy, inflation, financial stability, and internal Federal Reserve operations. Lawmakers are expected to question him about the handling of construction contracts, vendor selection, and oversight of renovation work at Fed facilities.
The Department of Justice has not publicly commented on the investigation, and no charging documents or indictments have been announced. Powell did not indicate whether the Fed plans internal reviews or personnel actions in response to the subpoenas.
Senate Banking Committee members can request documents, call witnesses, and follow up on issues raised during the televised hearing, which remains scheduled as planned.
