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Trump Calls for Continued Probe into Fed Chair Powell
President wants investigation into Fed's renovation expenses to proceed
Feb. 3, 2026 at 12:15am
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President Donald Trump has stated that he wants the ongoing investigation into Federal Reserve Chair Jerome Powell to continue, despite calls for the probe to be dropped. Trump has repeatedly criticized Powell over the Fed's renovation expenses and has accused him of setting interest rates based on political preferences rather than serving the public. The investigation was the latest and most serious attack that Trump has launched against Powell, who is set to leave his term in May.
Why it matters
The ongoing probe into Powell and the Fed's spending raises concerns about the independence of the central bank and the potential for political interference in monetary policy decisions. Trump's continued criticism of Powell also highlights the tensions between the White House and the Fed, which have escalated since Trump appointed Powell as chair in 2018.
The details
In January, the U.S. Department of Justice served the Federal Reserve with subpoenas threatening criminal indictment over the Fed's renovation expenses. Powell has said the probe is intended to force him to lower interest rates. Trump has accused Powell of excessive spending on the Fed's building renovations and has criticized him for setting interest rates based on political preferences rather than serving the public. Meanwhile, Trump has announced his pick for Powell's successor as Fed chair, selecting former Fed governor and banker Kevin Warsh to take over the role in May.
- On January 11, Powell said the Fed had been served with grand jury subpoenas that threatened criminal indictment over the Fed's renovations.
- Trump's latest comments criticizing Powell and calling for the probe to continue came on Monday in the Oval Office.
The players
Donald Trump
The President of the United States who has repeatedly criticized Federal Reserve Chair Jerome Powell and called for an investigation into the Fed's renovation expenses.
Jerome Powell
The current Chair of the Federal Reserve who is set to leave his term in May. Powell has said the DOJ probe is intended to force him to lower interest rates.
Jeanine Pirro
The U.S. Attorney for the District of Washington who is leading the investigation into the Fed's renovation expenses.
Kevin Warsh
The former Federal Reserve governor and banker who Trump has selected to replace Powell as the next Fed chair.
What they’re saying
“The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President.”
— Jerome Powell, Federal Reserve Chair
“We must take it to the end and see.”
— Donald Trump, President of the United States
What’s next
The judge overseeing the DOJ's investigation into the Fed's renovation expenses will decide in the coming weeks whether to allow the probe to continue.
The takeaway
The ongoing tensions between the White House and the Federal Reserve highlight the delicate balance between political influence and the independence of monetary policy. The outcome of the investigation into the Fed's spending could have significant implications for the central bank's ability to make decisions free from political pressure.
