Federal Reserve Sued for Hiding Grand Jury Subpoenas in Renovation Probe

Judicial Watch has filed a lawsuit against the Federal Reserve to release two grand jury subpoenas issued in connection with a criminal investigation involving Chairman Jerome H. Powell and the $2.5 billion renovation of the Fed's headquarters.

The lawsuit was filed after the Federal Reserve failed to comply with Judicial Watch's January 2026 Freedom of Information Act (FOIA) request seeking access to the subpoenas issued by the U.S. Department of Justice.

Judicial Watch argues that grand jury subpoenas are compulsory process, not internal deliberations, and therefore exempt from FOIA Exemption 5.

The Federal Reserve's own conduct is seen as contradicting its position, having retained outside counsel to move to quash the subpoenas and described them as 'to harass, pressure, and punish' the Fed and Chair Powell until they set monetary policy as the President wished.