Institutional pressure & legal record
Jerome Powell, the Federal Reserve and the 2026 investigation
This hub tracks the separation between monetary-policy disagreement, presidential pressure, the Justice Department criminal investigation, the federal court ruling on subpoenas and the later leadership transition to Kevin Warsh.
Documented chronology
What changed in 2026
- January: federal prosecutors investigate the Federal Reserve headquarters renovation and Powell’s congressional testimony.
- March 11: Chief Judge James Boasberg quashes subpoenas, finding an improper pressure purpose and essentially no evidence supporting suspicion of a crime.
- April 24: the Justice Department ends the criminal probe; the Federal Reserve inspector general continues a separate review.
- May 15: Powell is briefly designated chair pro tempore after his chair term expires.
- May 22: Kevin Warsh is sworn in as chair. Powell remains a member of the Board of Governors, with his Board term continuing through January 31, 2028.