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

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”