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US Fed served with federal grand jury subpoenas over building renovations, Powell says

By Neil Roland ( January 12, 2026, 14:10 GMT | Insight) -- US Federal Reserve Chair Jerome Powell said that the agency was served by the US Justice Department with grand jury subpoenas threatening a criminal indictment in connection with Powell’s congressional testimony on renovations of historic Federal Reserve office buildings. In a public statement Sunday about his testimony before the Senate Banking Committee in June 2025, Powell said the threat is, in reality, unrelated to his testimony or about the $2.5 billion headquarters renovation. “Those are pretexts,” he said. “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.”US Federal Reserve Chair Jerome Powell said that the agency was served by the US Justice Department with grand jury subpoenas threatening a criminal indictment in connection with Powell’s congressional testimony on renovations of historic Federal Reserve office buildings....

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