A reported investigation of Federal Reserve Chair Jerome Powell by the Department of Justice (DOJ) is a mystery to the president.
President Donald Trump reiterated his criticism of Powell during an NBC News interview, but said he knew “nothing” about the criminal investigation of the chairman whose term ends in May.
“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 said.
Powell, who will continue as a member of the Federal Reserve’s Board of Governors until 2028, announced that the Federal Reserve had been served with grand jury subpoenas by the DOJ, which threatened an indictment against him over testimony he gave before the Senate Banking Committee last June.
“I have deep respect for the rule of law and for accountability in our democracy. No one — certainly not the chair of the Federal Reserve — is above the law,” Powell said in a shocking video message released on Sunday. “But this unprecedented action should be seen in the broader context of the administration’s threats and ongoing pressure.”
“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,” Powell said.
Video message from Federal Reserve Chair Jerome H. Powell: https://t.co/5dfrkByGyX pic.twitter.com/O4ecNaYaGH
— Federal Reserve (@federalreserve) January 12, 2026
But Trump noted that the subpoenas were not connected to interest rates.
“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 told NBC News.
“He’s hurt a lot of people,” he added. “I think the public is pressuring him.”
Trump has repeatedly criticized the Fed chair, dubbing him “too late” after delays in lowering interest rates, and has threatened to sue him for “gross incompetence,” notably in the multi-billion dollar costs of renovating the central bank’s D.C. headquarters. The president and Powell toured the construction site last year, even taking questions from reporters.
Trump and Powell visiting the Federal Reserve with hard hats on.
And sparring over renovation costs.
— Spencer Hakimian (@SpencerHakimian) July 24, 2025
Powell’s video statement set off a wave of backlash against Trump from the usual crowd, including Sen. Elizabeth Warren, who said in a statement that the president is “abusing the authorities of the Department of Justice like a wannabe dictator so the Fed serves his interests, along with his billionaire friends.”
“This Committee and the Senate should not move forward with any Trump nominee for the Fed, including Fed Chair,” the Massachusetts lawmaker who is the top Democrat on the Banking Committee, added.
Meanwhile, the Justice Department is not commenting specifically about the Powell probe.
“The attorney general has instructed her U.S. attorneys to prioritize investigating any abuse of taxpayer dollars,” a DOJ spokesperson told NBC News.
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