DOJ opens a criminal investigation into the Federal Reserve and Powell

“This is about whether the Fed will be able to continue setting interest rates based on evidence and economic conditions – or whether monetary policy will instead be guided by political pressure or intimidation,” Powell says in the video.

The subpoenas are the latest move in the Trump administration’s pressure campaign to get Powell to cut rates, resign or be fired.

Powell noted Sunday that he has served at the Fed under four administrations and would “continue to do the work the Senate assigned me to do, with integrity and with a commitment to serving the American people.”

Trump began demanding that Powell cut rates shortly after the inauguration and told Republican lawmakers in July that he would do so ‘Probably’ will fire him soon. He quickly walked back that statement and focused on finding a reason to fire Powell “for cause,” focusing on the renovation of the Federal Reserve building.

Trump has also gone after Fed governors and tried to fire Fed Governor Lisa Cook in August, accusing Cook of mortgage fraud. The DOJ opened an investigation into Cook in September over these allegations, but Cook sued and a federal judge sided with Cook, saying the DOJ had failed to meet the standard for sufficient cause. After a federal appeals court agreed with the first judge’s ruling, Trump then asked the Supreme Court to uphold Cook’s firing. The Supreme Court will hear the case on January 21.

Under pressure from the Trump administration, Fed Governor Adriana Kuglar resigned in August and Fed Governor Raphael Bostic announced in November that he was to retire at the end of his term in February. President Trump nominated his top economic adviser, Stephen Miran, to fill Kuglar’s seat.

Here’s an updated list of articles about Trump’s battle with the Federal Reserve.