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The Department of Justice has opened a criminal investigation into Federal Reserve Chairman Jerome Powell over questions surrounding the multi-billion dollar renovation of the Fed’s headquarters, a probe that finally puts the deep-pocketed bureaucracy under a spotlight it has long avoided. For years Washington elites treated the Fed as untouchable, but taxpayers deserve answers when lavish cost overruns and questionable line items are on the table.
Republican Rep. Anna Paulina Luna formally referred Powell to the DOJ in July 2025, accusing him of making materially false statements to Congress about luxury features and cost increases tied to the renovation, and demanding accountability. That referral wasn’t a partisan tantrum — it was congressional oversight doing its job after documents contradicted Powell’s testimony.
Powell and his allies have rushed to cast the probe as politically motivated, claiming the investigation is a pretext to punish him for monetary policy that frustrated the previous administration. Whether one thinks Powell’s rate decisions were right or wrong, trying to hide discrepancies about taxpayer dollars is indefensible, and the American people have every right to know if their money was misspent.
Reports show federal prosecutors, with approval from U.S. Attorney Jeanine Pirro, issued subpoenas after what they say were ignored inquiries to the Fed — a development that raises legitimate questions about transparency at the institution. Speaker Mike Johnson has urged patience and insisted the probe be allowed to play out, a prudent approach that preserves due process while refusing to let powerful figures skate by unchecked.
On Fox’s Ingraham Angle, former Trump attorney David Schoen bluntly asked, “How can anyone be against an investigation?” — a sentiment that should resonate with every taxpayer tired of a two-tiered justice system for the elite. Conservatives aren’t cheering for political score-settling; we’re demanding that institutions and their leaders be held to the same rules as the rest of us.
Yes, former Fed officials have warned about the chilling effect an aggressive probe could have on central-bank independence, and those concerns merit respect. But independence cannot become immunity; when documents and testimony diverge and billions in renovations are at stake, oversight and potential prosecution are the very mechanisms that protect liberty and the public purse.
