In an extraordinary escalation of a months-long attack on the independence of the Federal Reserve, federal prosecutors have launched a criminal investigation into Federal Reserve Chair Jerome Powell, he confirmed in a statement Sunday night.<\/p>\n
The investigation is related to Powell\u2019s testimony earlier this year about the multi-year renovation of the Federal Reserve buildings, Powell said in a\u00a0video message<\/a>\u00a0released by the Fed.<\/p>\n But Powell says it\u2019s clear the investigation is ultimately part of President Donald Trump’s administration\u2019s increasingly hostile push to pressure the Fed to lower interest rates.<\/p>\n Federal Reserve Chair Jerome Powell speaks as he holds a press conference following a two-day meeting of the Federal Open Market Committee at the U.S. Federal Reserve in Washington, December 10, 2025.<\/span><\/span><\/span><\/p>\n Kevin Lamarque\/Reuters<\/span><\/p>\n<\/div>\n<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/div>\n \u201cThis is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions — or whether instead monetary policy will be directed by political pressure or intimidation,\u201d Powell said.<\/p>\n In a statement to ABC News, a spokesperson for Attorney General Pam Bondi said, \u201cThe Attorney General has instructed her U.S. Attorneys to prioritize investigating any abuse of taxpayer dollars.\u201d<\/p>\n![\"chair\"](\"https:\/\/i.abcnewsfe.com\/a\/b54bfc0c-eb82-427c-aeca-824619288b9c\/jerome-powell-rt-gmh-260111_1768179398314_hpMain.jpg?w=375 "\\"chair\\"")
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