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In a Jan. 11 video statement, Federal Reserve Chair Jerome Powell responded to the Department of Justice issuing grand jury subpoenas against him, claiming it is part of a larger trend of “threats and ongoing pressure” within the Trump administration. (Photo credit: Federal Reserve, Federal Reserve / YouTube, and John McDonnell / For The Washington Post via Getty Images)
The Federal Reserve Chair Claims The DOJ Is Moving Against Him As Central Bank Defies The “Preferences Of The President”
After nearly a year of tension between President Donald Trump and the Federal Reserve, news came out that the Department of Justice had issued grand jury subpoenas to the Federal Reserve on Jan. 9.
Responding to this on Sunday, Jan. 11, Federal Reserve Chair Jerome Powell said the subpoenas threaten “a criminal indictment” pertaining to his June 2025 testimony before the Senate Banking Committee.
Powell detailed, “That testimony concerned, in part, a multi-year project to renovate historic Federal Reserve office buildings.”
While the budget for these renovations has been a subject of tension between Trump and Powell, particularly as the project’s estimated cost increased over the 2025 summer from $1.9 billion to $2.5 billion, Powell said on Jan. 11 that he believes the Department of Justice’s move against him has nothing to do with the renovation project.
Noting he has “deep respect for the rule of law and for accountability in our democracy,” Powell honed in on himself in his statement, clarifying that “no one —certainly not the chair of the Federal Reserve — is above the law.”
Continuing, he urged that the Department of Justice’s “unprecedented action should be seen in the broader context of the administration’s threats and ongoing pressure.”
Jerome Powell Alleges Threats By Trump Administration
Responding to the Department of Justice’s subpoenas against the Federal Reserve, Jerome Powell released a video statement against the threat of a “criminal indictment.”
Powell stated, “This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings. It is not about Congress’s oversight role … Those are pretexts.”
Expounding on what he believes the subpoenas are, in actuality, about, Powell said:
“The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President.”
Continuing, Powell said, “This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions — or whether instead monetary policy will be directed by political pressure or intimidation.”
For the past three months, the Federal Reserve has dropped interest rates by 0.25%, for a combined 0.75% drop. This brought the yearend federal funds target range down to 3.50%-3.75%.
“I have served at the Federal Reserve under four administrations, Republicans and Democrats alike,” Powell said. “In every case, I have carried out my duties without political fear or favor, focused solely on our mandate of price stability and maximum employment.”
He added, “Public service sometimes requires standing firm in the face of threats. I will continue to do the job the Senate confirmed me to do, with integrity and a commitment to serving the American people.”
During Trump’s first term as president, Powell was nominated by Trump in 2017 to serve as chair of the Federal Reserve, replacing Obama-appointee Janet Yellen, who was the first woman to preside over the Federal Open Market Committee.
Generally, the Federal Reserve, which is the nation’s centralized banking system, is seen as a non-partisan entity.
While Jerome Powell is a Republican, he is perceived as a centrist, and was confirmed to his position in 2018 with bipartisan support, with the Senate confirming him in a vote of 84-13.
Powell’s term as chair of the Federal Reserve ends this May, and a replacement is set to be announced prior to the end of his term.
Watch Jerome Powell’s full Jan. 11 statement, here:
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Trump Denies Knowledge Of DOJ Subpoenas Against Federal Reserve
Speaking with NBC News in a phone interview on Jan. 11, President Trump was asked about the grand jury subpoenas issued by the DOJ against the Federal Reserve and its chair, Jerome Powell, saying, “I don’t know anything about it, but he’s certainly not very good at the Fed, and he’s not very good at building buildings.”
Trump went on to deny that interest rates are behind the DOJ’s move against Powell, adding, “No. I wouldn’t even think of doing it that way. What should pressure him is the fact that rates are far too high. That’s the only pressure he’s got.”
Trump then said, “He’s hurt a lot of people. I think the public is pressuring him.”
Responding to the news of the subpoena, Sen. Thom Tillis, R-NC, wrote on X, formerly Twitter, that there should be no “remaining doubt” regarding a push within the Trump administration to end the independence of the Federal Reserve.
See his full comments, here:
If there were any remaining doubt whether advisers within the Trump Administration are actively pushing to end the independence of the Federal Reserve, there should now be none. It is now the independence and credibility of the Department of Justice that are in question.
— Senator Thom Tillis (@SenThomTillis) January 12, 2026
Back on July 31, 2025, Trump described his appointing of Powell to the Federal Reserve in 2017 as a “mistake,” expressing his dissatisfaction with Powell lowering interest rates just before the 2024 election.
Watch Trump’s comments on Powell, here:
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