President Trump denies knowing anything about the Department of Justice serving subpoenas to the Federal Reserve on Friday. According to Chair Jerome Powell, the DOJ is focusing on his June 2025 testimony regarding multi-year renovations of Federal Reserve headquarters in Washington, DC.
Powell believes the investigation has been triggered by the Fed’s refusal to lower interest rates per Trump’s demands to make it cheaper to pay for the enormous debt he has incurred by currying favor with the countries oligarchs.
“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. 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 (emphasis added).
“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.”
Sen. Thom Tillis (R-N.C) spoke out against the DOJ move on Twitter/X:
“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.
“I will oppose the confirmation of any nominee for the Fed—including the upcoming Fed Chair vacancy—until this legal matter is fully resolved.”
Let us all stand with Chairman Powell.
— George Conway ???? (@gtconway.bsky.social) January 11, 2026 at 6:36 PM
Known for gnawing at complex questions like a terrier with a bone. Digital evangelist, writer, teacher. Transplanted Southerner; teach newbies to ride motorcycles. @kegill (Twitter and Mastodon.social); wiredpen.com