Fed Chair Jerome Powell describes federal criminal probe as political pressure, vows to stand firm

Federal Reserve Chair Jerome Powell revealed Sunday night that federal prosecutors have launched a criminal investigation involving his actions.

In a recorded statement released on the Federal Reserve’s official X account, Powell said the Justice Department delivered grand jury subpoenas to the Fed late last week, signaling the possibility of criminal charges tied to his testimony before the Senate Banking Committee last June.

Powell said the inquiry centers in part on remarks he made about a long-running effort to renovate historic Federal Reserve buildings. He suggested, however, that the investigation should be viewed against the backdrop of escalating political tensions between the central bank and the White House.

According to Powell, the probe follows repeated criticism from President Donald Trump over the Fed’s interest rate decisions. 

“I have deep respect for the rule of law and for accountability in our democracy,” Powell said. “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,” Powell also said.

Powell also said that "public service sometimes requires standing firm in the face of threats."

He added that he will "continue to do the job" the Senate confirmed him to do with "integrity and a commitment to serving the American people."