Federal Reserve Chair Faces Criminal Investigation: Headquarters Renovation Project Overspending by $700 Million Draws Attention

2026-01-12 00:10:14

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【Coinpush】The Office of the District Attorney for Washington, D.C. has launched a criminal investigation into Federal Reserve Chair Jerome Powell. The investigation primarily focuses on the large-scale renovation project at the Federal Reserve’s Washington headquarters—specifically, whether Powell lied about the true scope of the project during congressional hearings.

Prosecutor Jeanine Pirro approved this investigation in November of this year, which includes a detailed analysis of Powell’s public statements and a thorough review of all expenditure records. Numerically, the renovation was originally budgeted at approximately $2.5 billion, but current estimates indicate that costs have already exceeded by $700 million—this is no small sum.

The issue is as follows: Powell denied during congressional testimony that the renovation included luxury features such as private elevators and marble finishes. He claimed that project plans have been continuously adjusted and some features have been cut. However, prosecutors clearly want to verify whether these claims are true.

Currently, the Federal Reserve has made no public comments and has adopted a silent stance. How far this investigation will go depends on the upcoming developments.

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ContractExplorer

· 12h ago

$700 million overspend? That's even more outrageous than some crypto project founders running away haha --- Powell: I didn't lie. Prosecutor: Then how do you explain the private elevator? --- That's how centralized institutions spend money, no wonder everyone is rushing to the crypto world. --- Wait, $2.5 billion renovation of the headquarters? That must be incredibly luxurious... come on. --- Congress hearings playing word games, comparing to PR releases from crypto project teams, each has their own style. --- This news is more exciting than the decline of some altcoins.

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SchrodingerWallet

· 01-12 00:40

Haha, $700 million overspending and still dare to argue, this move is really clever. Powell's move is truly disappointing; he can even hide a private elevator? Wait, does the Federal Reserve have so much money? They don't care about overspending by $700 million. He's really a master of acting, talking nonsense in front of Congress. Can we still buy the dip, everyone? It feels like something's going to happen.

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MissedTheBoat

· 01-12 00:39

Ha, now Powell is going to get a slap on the wrist. An overrun of $700 million with excuses—absolutely outrageous. --- Private elevators, marble flooring... Is the Federal Reserve renovating or on vacation? --- Basically, it's a scam on Congress. Whoever is responsible would be in deep trouble. --- From $2.5 billion to $3.2 billion, the renovation project has become a money-consuming beast. Where did this money come from? --- Powell's move this time is really just "I didn't lie, I just have a biased memory." --- Laughing to death, even the central bank head has to take the blame for luxury renovations. Equity really is a joke. --- What’s truly terrifying is what this reveals—can the accounting of a powerful institution be so easily manipulated? --- Overruns of $700 million can still be excused. Luckily, ordinary people don’t spend money as freely.

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BetterLuckyThanSmart

· 01-12 00:13

Damn, 700 million overspend? This is just ridiculous. Who's going to take care of these people? Powell also said there are no marble elevators, and that's an even more outrageous lie. The crypto world doesn't spend money like this... If that's true, who would believe the Federal Reserve after they speak?

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