Odd Lots The Fight Over Fed Independence Just Got Taken To a Whole New Level
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Jan 12, 2026 
Lev Menand, a law professor at Columbia Law School and author of The Fed Unbound, dives into the escalating tension between the Federal Reserve and the White House. He discusses the implications of the DOJ's subpoena of Jerome Powell, framing it as a dangerous political maneuver. Menand explains the potential chilling effects on government officials and challenges to Fed independence. The conversation also touches on the unique dynamics of upcoming court cases involving Fed Governor Lisa Cook and the strategic motivations behind these legal battles.
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Subpoena Marks New Level Of Escalation
- The DOJ subpoena of Jerome Powell represents an escalation beyond normal Fed independence battles.
- Lev Menand says it looks like an attempt to punish and intimidate officials who refuse to comply with the administration.
Criminal Threats Are Different From Removal
- The Powell subpoena is different in kind from removal attempts because it threatens criminal penalties, not just job loss.
- Menand emphasizes this is unprecedented for a senior official and raises broader governance risks.
Timing Could Be About Board Control
- The subpoena may aim to push Powell off both the chair and governor seats to open appointments.
- Menand notes Powell's governor term runs to 2028, so staying would block the White House's ability to reshuffle the Board.
