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Fed Chair Responds to Inquiry on Building Renovations

Federal prosecutors opened an investigation into whether Jerome H. Powell, the Federal Reserve chair, lied to Congress about the scope of renovations of the central bank’s buildings. He called the investigation “unprecedented” in a rare video message.

“Good evening. This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings. 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.” “Well, thank you very much. We’re looking at the construction. Thank you.”

Federal prosecutors opened an investigation into whether Jerome H. Powell, the Federal Reserve chair, lied to Congress about the scope of renovations of the central bank’s buildings. He called the investigation “unprecedented” in a rare video message.

By Nailah Morgan

January 12, 2026