Attorneys for the Fed and the U.S. attorney’s office in D.C. battled over the legality of two grand jury subpoenas at the center of the investigation during a sealed hearing March 3. Prosecutors are weighing whether the cost overruns amount to fraud and whether Powell gave false testimony to the Senate Banking Committee. A spokesperson for the U.S. attorney’s office said Tuesday that the purpose of a grand jury investigation is to determine whether there is probable cause that a crime was committed. The U.S. attorney’s office also submitted a filing asking Boasberg to reconsider his ruling. Powell, in turn, has pledged to keep serving as Fed chair on an acting basis until a new chair is confirmed.

Source: Washington Post March 25, 2026 17:30 UTC