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>>Federal Reserve Chair Jerome Powell Confronts Unexpected Federal Probe After Congressional Testimony

Federal Reserve Chair Jerome Powell Confronts Unexpected Federal Probe After Congressional Testimony

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about 3 hours ago

Investigation Overview

Federal prosecutors opened a probe into Fed Chair Jerome Powell for allegedly lying to Congress about the Eccles renovation. The inquiry targets his 2023‑2024 testimony on project scope, cost and approval. Powell’s lawyers say they are cooperating and deny any misconduct.

Renovation Context

The 1937 Fed headquarters is being upgraded; the budget rose from $450 million to over $750 million. Work covers seismic retrofitting, security, technology, accessibility and energy upgrades. Congressional committees have repeatedly questioned the cost overruns and delays.

Policy and Market Implications

Analysts say the probe should not immediately affect monetary policy, which is set by the FOMC. Yet uncertainty around the chair can spark short‑term bond and currency market volatility. The case underscores the balance between central‑bank independence and congressional oversight.