A criminal investigation into Federal Reserve Chair Jerome Powell is ongoing, and the central bank has not yet produced documents demanded by grand jury subpoenas, CNBC reported Wednesday. The probe remains active, with no clear deadline disclosed for the Fed’s compliance.
Powell said on Jan. 11 that the Fed had received grand jury subpoenas connected to his congressional testimony on a renovation project. He, however, accused the Department of Justice of improperly using criminal charges as leverage against the Fed for maintaining independence on interest rate policy.
Powell linked the probe to longstanding tensions with President Donald Trump, who has repeatedly pushed the Fed to lower interest rates. He warned that the situation reflected an attempt to influence monetary policy through intimidation rather than economic analysis.
With Powell expected to step down as chair in mid-May, he said the issue is about whether the Fed can continue setting policy based on evidence rather than political pressure, and vowed to carry out his responsibilities without fear or favor.
The development comes just hours before the Fed is expected to announce its latest interest rate decision, with investors seeing little chance of a rate move at this meeting.