The Justice Department has subpoenaed the Fed over Chair Jerome Powell's testimony over the central bank's headquarters renovation. Powell calls it part of a pressure campaign over interest rates.

The $2.5 billion renovation at the center of the DOJ's criminal investigation of the Federal Reserve The historic renovation is more complex — and longer in the making — than the fight over how much it cost.

The Federal Reserve has several tools to manage the money supply and keep the economy running smoothly. Learn how the central bank sets monetary policy.

Powell was responding to grand jury subpoenas delivered to the Federal Reserve related to his congressional testimony regarding construction work at the Fed headquarters.

Economists have long preferred independent central banks because they can more easily take unpopular steps to fight inflation, such as raise interest rates, which makes borrowing to buy a home, car, or appliances more expensive.

The chair of the Federal Reserve oversees the U.S. banking system and helps steer monetary policy. The chair's salary is set by the U.S. Congress.