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US Fed chief denounces ‘threats’ as probe opens
Hindustan Times Pune
|January 13, 2026
{ JEROME POWELL } PROBE OVER RENOVATIONS AT FED BUILDINGS
Jerome Powell
US prosecutors have opened an inquiry threatening a “criminal indictment” against the Federal Reserve, its chairman Jerome Powell revealed, denouncing new “threats and ongoing pressure” from the administration of President Donald Trump.
Powell said in a rare video statement on Sunday that the US central bank received grand jury subpoenas on Friday related to his Senate testimony in June, which concerned in part a major renovation project of Federal Reserve office buildings.
He dismissed the subpoenas as “pretexts” after months of bitter conflict with Trump, who has publicly excoriated the Fed for not cutting interest rates aggressively to bolster economic growth.
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