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Blowback builds over criminal investigation of Federal Reserve chairman Jerome Powell
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US President Donald Trump and Federal Reserve chairman Jerome Powell during a tour of the Federal Reserve Board Building on July 24, 2025.
PHOTO: REUTERS
Alan Rappeport, Colby Smith, Glenn Thrush, Tyler Pager
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WASHINGTON – The investigation of Federal Reserve chairman Jerome Powell has prompted fierce blowback from Republicans, international policymakers, Wall Street and some Trump allies, and now threatens to undermine US President Donald Trump’s effort to assert dominance over economic decision-making.
The swift and overwhelmingly negative response came after the US attorney for Washington, Ms Jeanine Pirro, informed Mr Powell that her office was initiating a criminal inquiry into the US$2.5 billion (S$3.22 billion) renovation of the Fed’s headquarters and whether Mr Powell had lied to Congress about the project.
