U.S. federal criminal probe of Fed chair continues: report

NEW YORK, Jan. 29 (Xinhua) -- U.S. federal prosecutors in Washington D.C. are continuing a criminal investigation of Federal Reserve Chairman Jerome Powell, according to a report by CNBC on Wednesday.

The Fed has not yet complied with grand jury subpoenas, said the report, citing an anonymous source familiar with the situation.

"I have nothing for you on that today," said Powell at a press conference on Wednesday in response to a question on whether the Fed has responded to the subpoenas.

"If people lose their faith that we're making decisions only on the basis of our assessment of what's best for everyone, for the wide public, rather than trying to benefit one group or another...it's going to be hard to retain it," warned Powell.

He also advised his successor to "stay out of elected politics."

The U.S. Department of Justice served the Fed with grand jury subpoenas on Jan. 9, threatening a criminal indictment related to Powell's testimony before the Senate Banking Committee in June, 2025, according to a statement by Powell on Jan. 11.

"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," said Powell in the statement.