Powell's behind-the-scenes move after Trump's DOJ opened its criminal probe

Federal Reserve Chair Jerome Powell moved quickly behind the scenes after the Justice Department opened a criminal probe into his statements to Congress, with his calendar showing a burst of outreach to U.S. lawmakers.

The entries don’t reveal what was discussed, but they show Powell made 13 calls to senators and House members shortly after he accused the DOJ of using subpoenas as a "pretext" to ramp up pressure on the central bank to cut rates. The rapid-fire calls ranged from 10 to 15 minutes each. 

The Fed releases Powell’s monthly schedule with about a two-month lag, which is why the scope of that outreach is only now coming into view.

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Powell’s calendar lists calls with Sens. Lisa Murkowski, R-Alaska; Shelley Moore Capito, R-W. Va.; Mark Warner, D-Va.; Bill Cassidy, R-La.; John Kennedy, R-La.; Mitch McConnell, R-Ky.; Mike Crapo, R-Idaho; James Lankford, R-Okla.; and Tim Scott, R-S.C., as well as Reps. Joyce Beatty, D-Ohio; Maxine Waters, D-Calif.; Steny Hoyer, D-Md.; and House Minority Leader Hakeem Jeffries, D-N.Y.

Powell’s schedule also lists a breakfast meeting with Treasury Secretary Scott Bessent on Jan. 15, four days after the investigation was disclosed.

Working Capitol Hill has long been central to Powell’s playbook, with the Fed chair regularly logging more one-on-one time with lawmakers than any modern predecessor. 

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Still, the week of Jan. 11 stood out even for Powell. The last time he reached more lawmakers in a single week was February 2025, ahead of his semiannual testimony, when he typically schedules a run of prehearing calls with key members.

This burst was different, though it followed Powell's Jan. 11 disclosure that the Justice Department had opened a criminal investigation tied to his congressional testimony on the Federal Reserve's two historic main buildings on the National Mall.

Powell, in a rare video statement, called the probe "unprecedented" and described it as another salvo in what he described as President Donald Trump's pressure campaign on the central bank to cut rates. The unusually public response followed days of private consultations with advisors and stood out for a Fed chair known for a measured approach.

The investigation centers on Powell’s June 2025 testimony to lawmakers, an unusual development for a sitting Fed chair.

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Testifying before the Senate Banking Committee, Powell said: "There’s no new marble. There are no special elevators. They’re old elevators that have been there. There are no new water features. There are no beehives, and there’s no roof garden terraces."

Powell added that no one "wants to do a major renovation of a historic building during their term in office," and said cost overruns were driven in part by unexpected construction challenges and inflation.

The renovation is estimated to cost $2.5 billion and is being funded by the central bank itself, not by taxpayers.

The Fed is self-financing and does not rely on congressional appropriations to cover its operating expenses, which include employee salaries, facilities maintenance and the current renovation. Its primary income comes from interest earned on government securities and fees charged to financial institutions.

Trump has repeatedly targeted the project, threatening legal action and mocking the renovation’s cost and design.

"They’re building a basement into the Potomac River. I could have told them. That’s very tough to do, and it doesn’t work, and it’s very expensive," Trump said. "But they’re up to $4 billion, headed by this clown," he added in November, referring to Powell.

Powell, a Trump nominee first tapped to lead the Fed in 2017, is expected to finish his term at the end of May. Trump has picked former Fed governor Kevin Warsh to replace Powell, but the nomination is effectively stuck after Sen. Thom Tillis vowed to block any Fed nominees while the DOJ probe remains open.

The Federal Reserve declined to comment on Powell's calendar.