Republican Party officials say Powell may be absent from congressional hearings.

According to a senior Republican lawmaker, Federal Reserve Chairman Jerome Powell may miss the scheduled next congressional hearing due to the Department of Justice issuing a subpoena to the Fed. Powell said on Sunday that the Department of Justice has issued a grand jury subpoena to the Fed, threatening to bring criminal charges against them. This action is related to his testimony in June to Congress about the ongoing renovation project at the Fed headquarters. Under a revision to the law establishing the Fed in 1978, the Fed chairman is required to testify twice a year before Congress on monetary policy and economic conditions. As a tradition, the Fed chairman attends hearings before the Senate Banking Committee and the House Financial Services Committee. "Due to the grand jury accusing Chairman Powell of perjury, I expect him not to attend the February hearings in the House and Senate," Republican and House Financial Services Committee Chairman French Hill told CNBC. Hill said, "This will result in him not being able to comply with the legal requirement to attend congressional hearings every six months."