NBC News Senior White House Correspondent Garrett Haake reported on a conversation he had with President Trump regarding the recently announced DOJ investigation into Federal Reserve Chair Jerome Powell.
Powell is ostensibly being investigated over his testimony before the Senate Banking Committee regarding renovations at the Fed’s D.C. headquarters, though the Fed Chair strongly refuted that narrative in a video response posted Sunday night, saying the investigation was prompted instead by the Executive branch’s wish to exert control over monetary policy Powell, saying “this new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings.”
Haake wrote on Sunday on social media: “President Trump tells me he knew nothing about Powell investigation, but Powell is ‘certainly not very good at the Fed, and he’s not very good at building buildings.’ Is this to pressure him on rates? ‘No. I wouldn’t even think of doing it that way.'”
U.S. Senator Chris Murphy (D-CT), questioning the veracity of Trump’s statement, responded to Haake: “The media has no obligation to report what he says as straight news. He’s a habitual liar and of course he knew and of course it’s to pressure him.”
The media has no obligation to report what he says as straight news. He's a habitual liar and of course he knew and of course it's to pressure him. https://t.co/uzDdABeaIy
— Chris Murphy 🟧 (@ChrisMurphyCT) January 12, 2026
Powell also said in his video response, seen below, that “the threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public rather than following the preferences of the president.”
Video message from Federal Reserve Chair Jerome H. Powell: https://t.co/5dfrkByGyX pic.twitter.com/O4ecNaYaGH
— Federal Reserve (@federalreserve) January 12, 2026
U.S. Senator Tina Smith (D-MN) responded to Powell’s video and also criticized the Trump administration: “They’re committed to using all the levers of federal power they have as weapons against anyone they see as a political enemy. Whether you agree with him or not, Jay Powell is assiduously nonpartisan and nonpolitical, but these guys don’t care.”
Powell was first appointed as Federal Reserve Chair by Trump in 2017, confirmed by the Senate in January 2018 by a vote of 85-12, and sworn in February 2018. He was reappointed by President Joe Biden and confirmed by the Senate 80-19 in 2022.
