The Daily Trump’s D.O.J. Went After the Fed. It Backfired.
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Jan 15, 2026 
Colby Smith and Glenn Thrush dive into the surprising criminal investigation into Fed Chair Jerome Powell, initiated by the Trump administration. Colby discusses the push for faster rate cuts and the fallout from costly renovations at the Fed, while Glenn explains how political allies influenced the Justice Department's involvement. They unpack Powell's rare public defense of the Fed’s independence and the unexpected Republican backlash. Ultimately, they reveal how this move, aimed at undermining the Fed, may have paradoxically strengthened its institutional power.
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Renovation Became Political Leverage
- Trump used cost overruns on the Fed renovation to challenge Jerome Powell's competence and push political pressure.
- Colby Smith notes overruns aren't criminal but became leverage in a political fight.
An Obscure Official Pushed Retaliation
- Bill Pulte pushed the White House to pursue investigations of political targets including Powell.
- Glenn Thrush describes Pulte as an unofficial retribution officer in Trump's orbit.
Investigation Started From Polite Holiday Letters
- Janine Pirro, D.C. U.S. attorney, initiated a preliminary inquiry after reading pro-Trump press stories.
- The Fed received polite information requests during the holidays and did not expect escalation.