Here's the Scoop DOJ vs. Fed Chair Jerome Powell and the White House Warning For Iran
Jan 12, 2026
Brian Chung, NBC News business and data correspondent, dives into the political pressure surrounding Federal Reserve Chair Jerome Powell and the implications of a DOJ probe. Garrett Haake, senior White House correspondent, shares insights from discussions with President Trump about rate cuts and Fed independence. Meanwhile, Richard Engel, the chief foreign correspondent, gives an on-the-ground perspective on the deadly protests in Iran and potential U.S. options for intervention, examining the risks of military action versus diplomacy.
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DOJ Probe Risks Politicizing The Fed
- The DOJ subpoena and threat of criminal charges against Fed Chair Jerome Powell is an unprecedented move that risks politicizing the central bank.
- The Federal Reserve funds renovations from its own revenues, not taxpayer dollars, a point repeatedly stressed by Brian Chung.
Powell Frames Subpoena As Political Pressure
- Jerome Powell's weekend video asserted the subpoena is a pressure tactic tied to political demands for lower interest rates.
- Market reaction was muted because strategists view the probe as unlikely to meaningfully change policy immediately.
Trump's Mixed Messages Increase Tensions
- President Trump publicly pressures the Fed to lower rates and denies doing so while urging 'pressure from the American people.'
- That inconsistency fuels concerns about executive interference with monetary policy.