Federal Reserve Chairman Jerome Powell confirmed in a video statement Sunday that the U.S. Department of Justice had opened a criminal investigation centered on testimony he gave about a $2.5 billion renovation of its Washington, D.C. headquarters that has gone far over budget.
Work on the project began several years ago and includes structural improvements, modernization of facilities, and enhancements to security and operational efficiency. The Federal Reserve has described the renovations as necessary to maintain the functionality and safety of its headquarters, which houses critical operations for the nation’s central banking system.
