Name: Powell sent Congress details on $2.5B Fed project following testimony
Uploaded: 2026-01-14T00:07:54.773Z
Duration: 2 min 19 s
Description: The Financial Times has reported Fed Chair Jerome Powell sent Congress a detailed letter on the $2.5 billion project under controversy directly after his testimony.

The Financial Times has reported Fed Chair Jerome Powell sent Congress a detailed letter on the $2.5 billion project under controversy directly after his testimony.

Washington

Federal Reserve Chair Jay Powell is under investigation regarding what he disclosed to Congress about a $2.5 billion Fed project. According to a Financial Times report, Powell sent a comprehensive letter to lawmakers after his testimony, detailing project costs and addressing questions from Congress.

The contents of Powell's letter and how they align with the Department of Justice's requests remain unclear. Several Republican senators have publicly defended Powell, with most lawmakers either withholding judgment or expressing concerns that the probe could impact the Federal Reserve's independence.

Powell sent Congress details on $2.5B Fed project following testimony

We are getting a new development in the probe of the Fed Chair, Jay Powell, and a potential, potentially a very important one. Emily Wilkins is on the Hill, as you see, with these details. Em? Hey, Scott. Well, as you know, this entire investigation is about what Jay Powell did or did not tell Congress during his testimony last year. And now we can report that the Financial Times is coming out with a report that Powell actually sent lawmakers a very detailed and in-depth letter after that testimony, where he really laid out some of the costs, the reason why the projects had gone over, answered a number of lawmaker questions. And this kind of raises the overall question of whether or not some of the information that the DOJ is accusing Powell of not coming forward with has actually already been out there to lawmakers throughout this time. Now, I've reached out to several lawmakers on the committee, have yet to hear back from them as far as the details. And it's unclear exactly what is in the letter and how that lines up with what the information the Department of Justice is asking for. But it does certainly give some credence to the idea that Powell is trying to be transparent with the cost of this building, and just another wrinkle in this overall investigation that's been going on into Powell. Scott? So, Em, we have already heard from some senators quite publicly come out and say they're against the probe of Chair Powell in the first place. And you had the reporting on Senator Tillis among the small group of people who have come out to this point. Am I to assume that there are others who disagree with it as well that just haven't come out publicly and said so? You know, Scott, it's been interesting. I mean, Tillis, you've seen Dave McCormick, you've seen Kevin Cramer. All Republicans on the banking committee come out and say that they believe that Jerome Powell is not guilty here, that he hasn't committed any crimes. And what's been interesting to me is that even senators who I've talked to who have kind of said, look, we need to let the investigation play out, or I need to learn more information. No one's really come out with full-throat support for this investigation to Powell. No one said it's absolutely necessary. No one said it must be done. Everyone's either kind of in a wait-and-see posture, or they're actually coming out defending Powell and really saying that this could potentially hurt the Fed's independence if the executive branch was to go after the Fed chair like this.

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