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The Federal Reserve has not yet complied with grand jury subpoenas tied to an ongoing criminal investigation involving Federal Reserve Chair Jerome Powell, according to a report by CNBC citing a source familiar with the matter. The subpoenas were issued as part of a probe being led by the U.S. Attorney for the District of Columbia, Jeanine Pirro, and the deadline for submitting the requested documents remains uncertain.
Powell publicly disclosed on January 11 that he was under criminal investigation, asserting that the inquiry is politically motivated. He specifically pointed to repeated pressure from U.S. President Donald Trump, who has frequently demanded that the central bank aggressively cut interest rates. Powell has maintained that the Federal Reserve’s policy decisions are guided by economic data and its mandate to ensure price stability and maximum employment, rather than political influence.
The investigation continues at a sensitive moment for U.S. monetary policy. On the same day the CNBC report surfaced, the Federal Reserve announced its decision to hold interest rates steady, signaling caution amid ongoing economic uncertainty. The rate decision underscores the Fed’s commitment to independence, even as scrutiny around its leadership intensifies.
When questioned by reporters on Wednesday about whether the Federal Reserve had responded to the grand jury subpoenas, Powell declined to provide details, stating only, “I have nothing for you on that today.” The Fed has also not issued a formal public statement clarifying its position regarding the subpoenas or the status of document production.
The lack of clarity around the subpoenas has raised questions among legal analysts and market observers about how the investigation could affect investor confidence and the perception of central bank independence. While it is not unusual for large institutions to negotiate timelines or scope when responding to subpoenas, the high-profile nature of the case adds to its significance.
As the criminal investigation into Jerome Powell continues, attention remains focused on whether the Federal Reserve will comply with the subpoenas and how the probe may intersect with future interest rate decisions. For now, both the central bank and its chair appear intent on maintaining silence, leaving markets and the public awaiting further developments.
