Meet the Press Meet the Press NOW — January 12
Jan 12, 2026
Scott Alvarez, former Federal Reserve General Counsel with over 30 years at the Fed, discusses the unprecedented criminal investigation into Federal Reserve Chair Jerome Powell. He emphasizes the serious implications for Fed independence and warns of potential intimidation tactics. The conversation also touches on the political context surrounding the case, with reactions from the White House and Capitol Hill, highlighting Republican concerns about the stability and integrity of the Federal Reserve in light of these developments.
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DOJ Subpoena Threatens Fed Independence
- The DOJ subpoena of Fed Chair Jerome Powell is framed as unprecedented and threatens central bank independence.
- Scott Alvarez and others warn it looks like political intimidation tied to the president's pressure on Fed policy.
Powell Frames Probe As Retaliation
- Jerome Powell publicly pushed back, calling the investigation retaliation for resisting presidential pressure on rates.
- Economists warn weaponizing prosecutions against Fed officials would erode market credibility and independence.
Check Funding Before Criticizing Fed Spending
- Remember the Fed is self-funded and renovation costs don't use taxpayer dollars.
- Account for funding source when evaluating political claims about Fed spending.