Federal Reserve Chairman Jerome Powell is now facing intense scrutiny after confirming that the U.S. Department of Justice has launched a criminal investigation tied directly to his sworn testimony before Congress. The probe centers on the Federal Reserve’s massively over-budget $2.5 billion renovation of its Washington, D.C. headquarters — a project that has exploded far beyond its original cost and raised serious questions about transparency and accountability.
Powell disclosed the investigation in a video statement released Sunday, a stunning revelation that immediately sent shockwaves through Washington. According to Powell, federal prosecutors are examining statements he made under oath regarding the renovation’s ballooning price tag and the explanations offered to lawmakers during congressional hearings.
The renovation project, which began several years ago, was initially approved as a modernization effort. The Federal Reserve claimed the work was necessary to update aging infrastructure, reinforce structural integrity, enhance security, and improve operational efficiency for what it describes as the nerve center of the nation’s central banking system.
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