Overview
- The Federal Reserve is challenging grand jury subpoenas in sealed proceedings and is asking a judge to quash them, according to reports from the Wall Street Journal and CBS News.
- The subpoenas relate to an ongoing DOJ investigation into Jerome Powell’s June 2025 Senate testimony about a years-long renovation of Federal Reserve buildings and alleged cost overruns.
- No criminal charges have been filed to date, and the Fed’s legal arguments are not public due to grand jury secrecy rules.
- U.S. Attorney Jeanine Pirro says her office repeatedly sought talks about the renovation costs and Powell’s testimony and turned to legal process after being ignored.
- The dispute is complicating President Trump’s effort to name Kevin Warsh as Powell’s successor, with some Senate Republicans reportedly holding off pending the probe’s outcome.