The Federal Reserve has not complied with grand jury subpoenas issued in connection with a criminal investigation into Chair Jerome Powell, a person familiar with the matter told reporters. The source declined to provide further detail on the scope of the material requested or the specific subpoenas.
Powell publicly revealed on January 11 that he was the subject of a criminal investigation and said at that time he regarded the probe as politically motivated. He specifically linked those political concerns to repeated public calls from U.S. President Donald Trump for the central bank to make sharp cuts to interest rates.
It is not clear when the Fed must deliver the documents sought under the subpoenas. The party familiar with the matter did not provide a deadline for compliance, leaving the timing of any potential production unresolved.
The inquiry is being handled by U.S. Attorney for the District of Columbia Jeanine Pirro. The investigation remains active even as the Federal Reserve announced a decision to retain its current policy interest rate.
When asked by reporters whether the Fed had responded to the subpoenas, Powell declined to offer an update, saying, "I have nothing for you on that today." No further comment was provided by Fed officials in relation to the subpoenas or any document production timetable.
This developing matter involves ongoing legal proceedings and a sitting central bank leader. At present, details about the specific evidence sought, the grand jury's questions, and any potential next steps remain limited to the information already disclosed by Powell and the single source cited regarding the Fed's noncompliance.
Contextual note - The items reported here are based on a person familiar with the matter and public comments made by Chair Powell. No additional documents or deadlines have been confirmed publicly beyond what is described above.