PANews reported on February 27 that, according to the Wall Street Journal, the Federal Reserve is challenging two subpoenas from the U.S. Department of Justice in a closed-door hearing. These subpoenas stem from U.S. Attorney Jeanine Pirro 's criminal investigation into Chairman Jerome Powell . Pirro is investigating whether Powell made false statements during his testimony before Congress last summer regarding the Fed building renovation project. Powell previously issued a rare video statement, calling the investigation a "pretext" for Trump to pressure for interest rate cuts and undermine the Fed's independence.