The entries dont reveal what was discussed, but they show Powell made 13 calls to senators and House members shortly after he accused the DOJ of using subpoenas as a “pretext” to ramp up pressure on the central bank to cut rates. The rapid-fire calls ranged from 10 to 15 minutes each.Â
The Fed releases Powells monthly schedule with about a two-month lag, which is why the scope of that outreach is only now coming into view.
Powells calendar lists calls with Sens. Lisa Murkowski, R-Alaska; Shelley Moore Capito, R-W. Va.; Mark Warner, D-Va.; Bill Cassidy, R-La.; John Kennedy, R-La.; Mitch McConnell, R-Ky.; Mike Crapo, R-Idaho; James Lankford, R-Okla.; and Tim Scott, R-S.C., as well as Reps. Joyce Beatty, D-Ohio; Maxine Waters, D-Calif.; Steny Hoyer, D-Md.; and House Minority Leader Hakeem Jeffries, D-N.Y.
Working Capitol Hill has long been central to Powells playbook, with the Fed chair regularly logging more one-on-one time with lawmakers than any modern predecessor.Â
Still, the week of Jan. 11 stood out even for Powell. The last time he reached more lawmakers in a single week was February 2025, ahead of his semiannual testimony, when he typically schedules a run of prehearing calls with key members.
The investigation centers on Powells June 2025 testimony to lawmakers, an unusual development for a sitting Fed chair.
Testifying before the Senate Banking Committee, Powell said: “Theres no new marble. There are no special elevators. Theyre old elevators that have been there. There are no new water features. There are no beehives, and theres no roof garden terraces.”
Powell added that no one “wants to do a major renovation of a historic building during their term in office,” and said cost overruns were driven in part by unexpected construction challenges and inflation.
The Fed is self-financing and does not rely on congressional appropriations to cover its operating expenses, which include employee salaries, facilities maintenance and the current renovation. Its primary income comes from interest earned on government securities and fees charged to financial institutions.
Trump has repeatedly targeted the project, threatening legal action and mocking the renovations cost and design.
The Federal Reserve declined to comment on Powell’s calendar.
