The U.S. Federal Reserve confirmed late Sunday that the federal prosecutors are investigating Fed Chair Jerome Powell over the central bank's multi-billion-dollar project to renovate its headquarters.
In a public statement posted on the website of the Federal Reserve late Sunday, Powell said the Department of Justice on Friday served the Fed with grand jury subpoenas, "threatening a criminal indictment related to my testimony before the Senate Banking Committee last June. That testimony concerned, in part, a multi-year project to renovate historic Federal Reserve office buildings."
"This unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure," Powell said. "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, rather than following the preferences of the President."
"This 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," he said.
Powell stressed that he "will continue to do the job the Senate confirmed me to do, with integrity and a commitment to serving the American people."
The U.S. Attorney's Office for the District of Columbia is overseeing the investigation, local media reported.
Ever since taking his office in January 2025, U.S. President Donald Trump has repeatedly criticized Powell for not cutting interest rates as much and as quickly as he demanded.
Powell was first appointed Fed chair by President Donald Trump in 2018 and reappointed to a second term by former President Joe Biden in 2022. His current term is set to expire in May 2026.
U.S. Fed Chair Powell under investigation
Chinese Foreign Minister Wang Yi said on Thursday that there are no winners in the prolonged wars, and a ceasefire and an end to the hostilities are the will of the people.
Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks in a phone conversation with British Foreign Secretary Yvette Cooper.
The two sides mainly exchanged views on the situation in the Middle East.
Cooper expounded on Britain's view on the current situation in the Middle East, stating that in the face of an increasingly turbulent world, the British side hopes to maintain close communication with China, push for an early end to the war, resume diplomatic negotiations, and seek long-term solutions.
Wang elaborated on China's position, saying that the current conflict in the Middle East is escalating, and the war is expanding, which not only impacts regional peace and stability, but also directly affects international energy, finance, trade and shipping, undermining the common interests of all countries.
China urges all parties to immediately cease military operations, resolve differences through equal dialogue, and jointly safeguard regional peace and stability, Wang said.
As permanent members of the UN Security Council, China and Britain shoulder the responsibility of upholding international peace and security, he noted.
Both sides should enhance communication, remain committed to actions conducive to peace, and jointly uphold the purposes and principles of the UN Charter and the basic norms governing international relations, so as to prevent the international order from being further undermined and the foundations of world peace from being eroded, said the foreign minister.
The two sides also exchanged views on China-Britain relations and agreed that they should actively implement the consensus reached by the leaders of the two countries, enhance exchanges, and continuously promote the long-term and consistent comprehensive strategic partnership between China and Britain, thereby providing stability and certainty for a world fraught with changes and turmoil.
Chinese FM says prolonged wars have no winners
