DOJ probes Fed chair Powell over headquarters renovation

The U.S. Department of Justice has opened a criminal investigation into Federal Reserve Chair Jerome H. Powell tied to his testimony about the $2.5 billion renovation of the Federal Reserve’s Washington, D.C., headquarters. Prosecutors are reviewing whether Powell’s statements to Congress about the scope and cost of the project were misleading, focusing on his June testimony before the Senate Banking Committee. Powell has denied wrongdoing, calling the investigation unprecedented and asserting that the Fed provided lawmakers with accurate information and disclosures. He also argues the probe threatens the Federal Reserve’s independence, noting ongoing political pressure over monetary policy decisions. The Justice Department has not publicly detailed specific charges.