Federal Reserve Chairman Jerome Powell initiated a series of calls to 13 U.S. lawmakers shortly after the Justice Department disclosed a criminal investigation related to his June 2025 congressional testimony about the Federal Reserve’s headquarters renovation.
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Powell’s calendar, released by the Federal Reserve with a two-month lag, shows the calls ranged from 10 to 15 minutes each, involving senators and representatives from both parties. Lawmakers contacted include Sens. Lisa Murkowski (R-Alaska), Shelley Moore Capito (R-W.Va.), Mark Warner (D-Va.), Bill Cassidy (R-La.), Mitch McConnell (R-Ky.), and House Minority Leader Hakeem Jeffries (D-N.Y.), among others. Powell also met with Treasury Secretary Scott Bessent for breakfast on January 15, four days after the probe became public.
The DOJ investigation focuses on Powell’s testimony before the Senate Banking Committee, where he detailed cost overruns and denied extravagant features in the Federal Reserve’s $2.5 billion renovation of its historic buildings on the National Mall. Powell asserted that the project was funded by the Fed’s own resources, not by taxpayer money.
Powell described the criminal probe as “unprecedented” and part of what he called a pressure campaign by former President Donald Trump on the Federal Reserve to lower interest rates. Trump has criticized the renovation’s cost and design publicly and is reportedly backing former Fed governor Kevin Warsh as Powell’s successor. However, Sen. Thom Tillis has pledged to block confirmations of Fed nominees until the DOJ investigation concludes.
Powell’s increased engagement with Capitol Hill in the wake of the probe marks a departure from his typical communication rhythm, underscoring the investigation’s significance for the Federal Reserve and its leadership.
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