United States Court Blocks Department of Justice to Serve Subpoenas on Federal Reserve (Fed) Chair Jerome Powell Relating to Information on $2.5 Billion Renovation of 2 Federal Reserve (Fed) Office Buildings (Eccles Building & 1951 Constitution Avenue Building) in Washington DC with $700 Million Cost Overrun, Fed Issued with Grand Jury Subpoenas (Writ Order to Attend Court), Federal Reserve Chair is Jerome H. Powell
17th March 2026 | Hong Kong
A United States court judge has blocked the United States Department of Justice to serve subpoenas on Federal Reserve (Fed) Chair Jerome Powell relating to $2.5 billion renovation of 2 Federal Reserve (Fed) office buildings (Eccles Building & 1951 Constitution Avenue Building) in Washington DC with $700 million cost overrun. In 2026 January, United States Federal prosecutors opened an investigation on the $2.5 billion renovation of 2 Federal Reserve (Fed) office buildings (Eccles Building & 1951 Constitution Avenue Building) in Washington DC with $700 million cost overrun. The Fed was issued with grand jury subpoenas (Writ Order to Attend Court). Statement from Federal Reserve Chair Jerome H. Powell (11/1/26): “On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas, threatening a criminal indictment related to my testimony before the Senate Banking Committee last June. That testimony concerned in part a multi-year project to renovate historic Federal Reserve office buildings. I have deep respect for the rule of law and for accountability in our democracy. No one—certainly not the chair of the Federal Reserve—is above the law. But this unprecedented action should be seen in the broader context of the administration’s threats and ongoing pressure. This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings. It is not about Congress’s oversight role; the Fed through testimony and other public disclosures made every effort to keep Congress informed about the renovation project. Those are pretexts. The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President. This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions—or whether instead monetary policy will be directed by political pressure or intimidation. I have served at the Federal Reserve under four administrations, Republicans and Democrats alike. In every case, I have carried out my duties without political fear or favor, focused solely on our mandate of price stability and maximum employment. Public service sometimes requires standing firm in the face of threats. I will continue to do the job the Senate confirmed me to do, with integrity and a commitment to serving the American people. Thank you.”
“ United States Court Blocks Department of Justice to Serve Subpoenas on Federal Reserve (Fed) Chair Jerome Powell Relating to Information on $2.5 Billion Renovation of 2 Federal Reserve (Fed) Office Buildings (Eccles Building & 1951 Constitution Avenue Building) in Washington DC with $700 Million Cost Overrun, Fed Issued with Grand Jury Subpoenas (Writ Order to Attend Court), Federal Reserve Chair is Jerome H. Powell “
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United States Federal Prosecutors Open Investigation on $2.5 Billion Renovation of 2 Federal Reserve (Fed) Office Buildings (Eccles Building & 1951 Constitution Avenue Building) in Washington DC with $700 Million Cost Overrun, Fed Issued with Grand Jury Subpoenas (Writ Order to Attend Court), Federal Reserve Chair is Jerome H. Powell
12th January – United States Federal prosecutors have opened an investigation on the $2.5 billion renovation of 2 Federal Reserve (Fed) office buildings (Eccles Building & 1951 Constitution Avenue Building) in Washington DC with $700 million cost overrun. The Fed was issued with grand jury subpoenas (Writ Order to Attend Court). Statement from Federal Reserve Chair Jerome H. Powell (11/1/26): “On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas, threatening a criminal indictment related to my testimony before the Senate Banking Committee last June. That testimony concerned in part a multi-year project to renovate historic Federal Reserve office buildings. I have deep respect for the rule of law and for accountability in our democracy. No one—certainly not the chair of the Federal Reserve—is above the law. But this unprecedented action should be seen in the broader context of the administration’s threats and ongoing pressure. This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings. It is not about Congress’s oversight role; the Fed through testimony and other public disclosures made every effort to keep Congress informed about the renovation project. Those are pretexts. The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President. This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions—or whether instead monetary policy will be directed by political pressure or intimidation. I have served at the Federal Reserve under four administrations, Republicans and Democrats alike. In every case, I have carried out my duties without political fear or favor, focused solely on our mandate of price stability and maximum employment. Public service sometimes requires standing firm in the face of threats. I will continue to do the job the Senate confirmed me to do, with integrity and a commitment to serving the American people. Thank you.”
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