U.S. prosecutors investigate whether Fed Chair Jerome Powell mischaracterized renovation details during Senate Banking Committee appearances.

The U.S. attorney’s office for the District of Columbia has opened a criminal investigation into Federal Reserve Chair Jerome Powell, focusing on the renovation of the central bank’s Washington headquarters and whether he was truthful in his congressional testimony about the project.

Officials told The New York Times, which was first to report the probe, that it centers on whether Powell accurately characterized the scope and cost of the renovation during congressional appearances.

Powell confirmed the Federal Reserve had been served. He said he respected the rule of law and congressional oversight but described the Justice Department’s move as “unprecedented” and politically motivated.

“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 did not immediately respond to Fox News Digital’s request for comment.

Source: Federal Reserve Chair Powell under criminal investigation over HQ renovation