The link you shared points to a post from the official @federalreserve

 account on X (dated January 12, 2026), where Federal Reserve Chair Jerome Powell released a video statement addressing a major development.In the video and accompanying text, Powell revealed that on Friday (January 9 or 10, 2026), the Department of Justice (DOJ) served the Federal Reserve with grand jury subpoenas threatening a criminal indictment against him. This relates to his testimony before the Senate Banking Committee in June 2025, which partly covered a multi-year, multi-billion-dollar renovation project of the Fed's historic headquarters buildings in Washington, D.C.Key points from Powell's statement:He emphasized deep respect for the rule of law and said no one — including the Fed Chair — is above it.

However, he described the subpoenas as "unprecedented" and argued they are not really about his testimony or the building renovations (which the Fed has disclosed to Congress over time).

Instead, he framed them as pretexts in a broader campaign of pressure and threats from the administration.

The real issue, in his view, is the Fed's independence in setting interest rates based on economic data (its dual mandate of price stability and maximum employment), rather than yielding to political preferences (e.g., demands for sharper rate cuts).

Powell noted he has served under four administrations (both Republican and Democratic) and always acted without political bias. He vowed to continue doing his job with integrity despite the threats.


The renovation project itself has been controversial for months:Costs reportedly ballooned (figures in reports range from ~$2.5 billion to claims of $3.1 billion).

Critics (including some in the Trump administration and Congress) accused the Fed of mismanagement or misleading statements about features like marble, elevators, or luxury elements (claims Powell disputed in his earlier Senate testimony, calling some descriptions "misleading").


Public reaction on X (from replies and quotes to the post):Many users praised Powell for standing firm against what they called authoritarian pressure or attempts to undermine Fed independence (e.g., comments thanking him for having a "backbone" or calling it a defense of democracy).

Others (especially from more MAGA-aligned accounts) attacked him, accusing him of waste on the renovations, incompetence, or being an "enemy" of the nation.

The post quickly went viral, with hundreds of thousands of likes, reposts, and views within hours.


This marks a significant escalation in long-running tensions between the Trump administration and the Federal Reserve, centered on monetary policy independence. Major news outlets (CBS, NBC, NPR, NYT, Reuters, etc.) covered it as a historic and unusual move against the central bank's autonomy.Let me know if you'd like more details on any part of this!