Federal prosecutors have launched a criminal investigation into Federal Reserve Chair Jerome Powell, he confirmed in a statement Sunday night.

Although Powell's term as chair ends on May 15, he could remain at the Fed to fulfill a separate term on governing board of the central bank.

Federal prosecutors have opened a criminal investigation of Federal Reserve Chair Jerome Powell over his June testimony before Congress about the central bank’s $2.5 billion renovation of its headquarters in Washington,

The heads of 10 central banks and other financial institutions say it's "critical to preserve" the Fed's independence, as Powell is pressured by the Trump administration.

President Donald Trump and White House economic adviser Kevin Hassett said they were unaware of the Department of Justice's investigation.

A joint letter from the heads of 10 central banks called Powell a "respected colleague held in the highest regard by all who have worked with him."

Treasury Secretary Scott Bessent addresses the criminal probe into Fed Chair Jerome Powell over alleged lies to Congress about headquarters renovations.

Though his ​term as Federal Reserve chief ends in May, Jerome Powell's separate seat on the Fed's Board of Governors does not expire for two more years, giving him a potentially critical vote on monetary policy and any broader ‌changes at the central bank.