Fed’s Powell declines to comment on Justice Department criminal probe

A Justice Division prison investigation, criticism from senior Trump administration officers and a looming announcement of a successor set the stage for a politically charged alternate that Federal Reserve Chairman Jerome Powell largely prevented on Wednesday.

Powell spoke after the Fed’s charge determination, marking his first look for the reason that Justice Division opened a prison investigation into his testimony in Congress on the renovation of the Fed’s headquarters.

Jerome Powell, Chairman of the U.S. Federal Reserve, throughout a press convention following a gathering of the Federal Open Market Committee in Washington, DC, Could 7, 2025. (Tierney L. Cross/Bloomberg/Getty Photos/Getty Photos)

Reporter: “Are you able to say whether or not the Fed has responded to the subpoenas?”
Powell: “I haven’t got something for you about that at this time.”

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In a separate questioning, Powell was requested whether or not he would stay on the Federal Reserve subsequent his time period as chairmanwhich ends in Could.

Reporter: “Have you ever determined but whether or not you need to stay governor of the Federal Reserve?”
Powell: “No, and once more, I haven’t got something for you about that at this time.”

Reporter: “Why would you even need to go away beneath these circumstances?”
Powell: “Once more, I do not need to go into this. There’s a time and place for these questions, and it isn’t one thing I will get into at this time.”

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When requested about conversations with lawmakers, Powell declined to debate them as nicely.

Reporter: “Republican Senator Thom Tillis, who serves on the Senate Banking Committee, stated he’ll block any Fed nominee, together with the chairman, till this investigation into you is resolved. Do you help this transfer by the Senator? And what conversations have you ever had with the Senator?

Powell: “I’ve nothing so that you can do about that.”

Powell referred questions concerning the investigation to his uncommon Jan. 11 video assertion, a pointy break from his often measured method. He confirmed the investigation and stated he revered the rule of regulation and congressional oversight, however described the motion as “unprecedented” and pushed by political stress.

“This new menace will not be about my testimony final June or in regards to the renovation of the Federal Reserve buildings,” Powell stated in a video assertion on January 11.

“The specter of prison prosecution is a results of the Federal Reserve setting rates of interest primarily based on our greatest estimate of what is going to profit the general public, quite than following the president’s preferences.”

POWELL REVEALS WHAT IT WOULD BE TO GET OUT OF THE FED NOW THE PRESSURE IS ON

Building of the Marriner S. Eccles Federal Reserve Constructing in Washington, DC, July 14, 2025. (Al Drago/Bloomberg by way of Getty Photos)

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The undertaking to from the Federal Reserve two massive workplace buildings in Washington, DC, within the Foggy Backside neighborhood, are anticipated to value $2.5 billion and will likely be paid for by the central financial institution, not taxpayers. The Fed funds its actions with out appropriations from Congress and derives its income primarily from curiosity on authorities bonds and costs charged to monetary establishments.

In June 2025, Powell advised members of the Senate Banking Committee: “There is no such thing as a new marble. There aren’t any particular elevators. They’re outdated elevators which have been there. There aren’t any new water options. There aren’t any beehives and there aren’t any roof backyard terraces.”

Powell additionally advised lawmakers that nobody “needs to do a significant renovation of a historic constructing throughout their time period.”

“We determined to take it on as a result of, truthfully, once I was administrative governor, earlier than I grew to become chairman, I began to grasp how desperately the Eccles Constructing actually wanted some severe renovation,” Powell stated, including that the constructing is “not likely protected” and never waterproof.