Home/cascade-timeline/DOJ Issues Grand Jury Subpoenas to Federal Reserve in Unprecedented Powell Criminal Investigation

DOJ Issues Grand Jury Subpoenas to Federal Reserve in Unprecedented Powell Criminal Investigationtimeline_event

dojweaponizationfederal-reservecriminal-investigationvindictive-prosecutiongrand-jurypowellpirrocentral-bank-independence
2026-01-10 · 1 min read · Edit on Pyrite

type: timeline_event

Federal prosecutors issued grand jury subpoenas to the Federal Reserve on January 10, 2026, as part of the criminal investigation of Fed Chair Jerome Powell. This was the first-ever criminal investigation of a sitting Federal Reserve Chair in the institution's 112-year history.

Investigation timeline:

  • June 25, 2025: Powell testifies before Congress about the $2.5 billion Eccles Building renovation project
  • July 19–21, 2025: Rep. Anna Paulina Luna (R-FL) sends criminal referral to AG Bondi
  • November 2025: DOJ approves criminal investigation, led by D.C. U.S. Attorney Jeanine Pirro's office
  • January 10, 2026: Grand jury subpoenas issued to Federal Reserve

    • Powell's response: > "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."

    Context: Trump had repeatedly demanded Powell lower interest rates throughout 2025, calling him "too late and wrong" and threatening to fire him. When Powell maintained the Fed's independence, the DOJ opened a criminal investigation over building renovation testimony — a matter that would normally be handled through administrative oversight, not criminal prosecution.

    The weaponization contrast:

  • Powell (refused Trump's rate demands) → Criminal investigation, grand jury subpoenas
  • Tom Homan (recorded accepting $50K from FBI undercover agents) → Case closed, "no credible evidence"