“Powell is "billions of dollars over budget" [on the Federal Reserve headquarters renovation], "so he's either incompetent or he's crooked."”

Multiple Truth Social posts targeting Federal Reserve Chair Jerome Powell

Powell WAS investigated, and the Trump administration's own Justice Department dropped the probe after finding no evidence of a crime. In April 2026, U.S. Attorney Jeanine Pirro closed the criminal investigation into Powell and the Fed's headquarters renovations after months of digging turned up nothing chargeable. Before that, Chief U.S. District Judge James Boasberg blocked the subpoenas the U.S. Attorney's office served on the Fed, writing that "the Government has produced essentially zero evidence to suspect Chair Powell of a crime." Boasberg's March 2026 ruling cited more than 100 of Trump's own social media posts attacking Powell and found the investigation's stated justification was pretext for a pressure campaign over interest rates. No inspector general, court, or congressional body has produced any finding of corruption at the Federal Reserve under Powell, a chair Trump himself nominated in 2017 and the Senate confirmed twice. The "corrupt" label is contradicted by the outcome of the very investigation Trump demanded.

"A mountain of evidence suggests that the dominant purpose is to harass Powell to pressure him to lower rates. For years, the President has publicly targeted Powell because the Fed is not delivering the low rates that Trump demands." — Chief U.S. District Judge James Boasberg, ruling quashing the Fed subpoenas, March 2026