Federal Reserve Chair Jerome Powell under investigation over headquarters renovation – report | 11 Jan 2026 | The U.S. attorney’s office for the District of Columbia has opened a criminal investigation into Federal Reserve Chair Jerome Powell, focusing on the renovation of the central bank’s Washington headquarters and whether he was truthful in his congressional testimony about the project, according to a report by The New York Times. Officials told the Times that the probe centers on whether Powell accurately characterized the scope and cost of the renovation during congressional appearances. The renovation of the Fed’s two main office buildings in Washington’s Foggy Bottom neighborhood is estimated to cost $2.5 billion and is being funded by the central bank itself, not by taxpayers.