Jerome Powell, Chairman of the Federal Reserve, issued a statement on January 11 stating that the U.S. Department of Justice (DOJ) served a grand jury subpoena on the Fed on Friday, threatening to file criminal charges over his testimony before the Senate Banking Committee in June 2025, which partially touched on the years-long renovation project of the Fed's historic headquarters building. Powell noted that the threat was not targeted at the testimony or the renovation project itself, but rather stemmed from the Federal Reserve's practice of setting interest rates independently based on economic assessments, instead of following presidential preferences.