Chairman of the U.S. Federal Reserve Jerome Powell was tapped by President Donald Trump for the role in 2017. (Al Drago/Bloomberg/Getty Images)
Powell’s long-standing insistence on finishing his term, which ends in May, now comes amid a Justice Department criminal investigation into his congressional testimony on the Federal Reserve’s headquarters renovation.
Powell confirmed the investigation and said he respected the rule of law and congressional oversight, but described the action as "unprecedented" and driven by political pressure.
"This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings," Powell said in a video statement Sunday evening.
"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," he added.
The White House referred questions to the Department of Justice. The Department of Justice did not immediately respond to Fox News Digital's request for comment.
FEDERAL RESERVE CHAIR POWELL UNDER CRIMINAL INVESTIGATION OVER HQ RENOVATION
Federal Reserve Chair Jerome Powell has made a formal request that the central bank's inspector general review its $2.5 billion building renovation, according to a spokesperson for the IG's office. (Al Drago/Bloomberg/Getty Images)
Powell also told lawmakers that no one "wants to do a major renovation of a historic building during their term in office."
"We decided to take it on because, honestly, when I was the administrative governor, before I became chair, I came to understand how badly the Eccles Building really needed a serious renovation," Powell said, adding that the building is "not really safe" and not waterproof.
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The grand atrium of the Marriner S. Eccles Federal Reserve building during a media tour of the renovation of the central bank's headquarters in Washington, D.C. on July 24, 2025. (Andrew Harnik/Getty Images)
He also said that the cost overruns are due, in part, to unexpected construction challenges and the nation's inflation rate.
The project is expected to be completed in the fall of 2027, with Washington-based employees expected to begin working on the building in March 2028.
Amanda covers the intersection of business and politics for Fox News Digital.
https://www.foxnews.com/politics/powell-reveals-what-would-take-step-down-from-fed-pressure-mounts