U.S. prosecutors are investigating Federal Reserve Chair Jerome Powell over his testimony last summer about the central bank’s building renovation project

Key Highlights

• The investigation relates to Powell's testimony about the cost overruns for the Fed's building renovation.
• Powell received grand jury subpoenas as part of the Justice Department's inquiry.
• He described the investigation as a significant threat to the independence of the Federal Reserve.
• Powell believes the probe is a result of his defiance against Trump's public pressure to lower interest rates.
• This marks the latest instance of a government official facing scrutiny after conflicting with Trump.