Start Here Fed Chair Under Criminal Investigation
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Jan 12, 2026 Elizabeth Schulze, an ABC News correspondent focused on the Federal Reserve, discusses Jerome Powell's startling claim of a criminal investigation by the Trump administration, exploring its implications for Fed independence. Morgan Norwood reports from Minneapolis, detailing the intense anti-ICE protests ignited by a disturbing shooting. Meanwhile, Selena Wang analyzes President Trump's provocative stance on potential military action against Iran, emphasizing the political risks and historical repercussions of such a decision.
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Investigation Risks Fed Independence
- The DOJ served grand jury subpoenas to the Fed and is probing Jerome Powell amid escalating political pressure.
- Elizabeth Schulze says this move threatens the Federal Reserve's independence and could reshape how the Fed operates.
Markets Watch Political Pressure On Rates
- Markets will watch whether President Trump seeks to reshape the Fed and pressure officials on interest rates.
- Elizabeth Schulze notes attacks on Fed members and the unusual political involvement by Chair Powell.
Anticipate Senate Pushback On New Nominees
- Expect congressional confirmations to become leverage and delay any new Fed appointments.
- Tom Tillis said he will oppose confirmations until Powell's legal matters are resolved.