Federal Reserve Chair Jerome H. Powell is under criminal investigation by the U.S. Attorney's Office for the District of Columbia. The probe, initiated in November 2025, examines whether Powell provided false testimony to Congress about the scale of the Federal Reserve's headquarters renovation project in Washington, D.C. Initially budgeted at $2.5 billion, the project is now $700 million over budget. Powell had previously denied claims of luxurious additions, such as private elevators and marble finishes, during a congressional hearing. The Federal Reserve has not commented on the investigation.