Trump Claims He Doesn’t ‘Know Anything’ About DOJ’s Investigation of Fed Chair Jerome Powell: ‘I Wouldn’t Even Think of’ That

Donald Trump says he has no knowledge of a Justice Department investigation into the Federal Reserve and its chair, Jerome Powell, after grand jury subpoenas were served on the central bank on Friday, Jan. 9.

In an interview with NBC News on Monday, Jan. 12, Trump, 79, said of Powell, 72: “I don’t know anything about it, but he’s certainly not very good at the Fed, and he’s not very good at building buildings.”

Trump’s remarks followed a video statement from Powell on Sunday, Jan. 11, in which the Fed chair said the Department of Justice had threatened him with a criminal indictment after his testimony before the Senate Banking Committee last June.

At that hearing, Powell defended the Fed’s $2.5 billion renovation of two office buildings in Washington, D.C. — a project Trump has previously criticized as excessive — the Associated Press reported.

Powell said his June testimony “concerned in part a multi-year project to renovate historic Federal Reserve office buildings.”

The renovations involve the Eccles building and the 1951 Constitution Avenue building, which the BBC noted are undergoing their first major overhaul since being built in the 1930s. The outlet added that health and safety work — including asbestos removal and addressing lead contamination — is among the reasons for the project.

The scrutiny over the Fed’s renovations comes as Trump is pursuing his own high-profile construction project: an estimated $400 million plan to build a 90,000-square-foot ballroom on the site of the now-demolished east wing of the White House complex.

Architect Shalom Baranes recently told the National Capital Planning Commission he was “considering the idea” of adding another story to the West Wing and West Colonnade so the White House does not appear visually unbalanced once the ballroom is finished.

“The reason to think about that is so that we would reinstate the symmetry around the central pavilion of the White House,” he told the planning commission.

Powell’s statement also comes after months of public pressure from Trump to lower interest rates, NBC News reported.

“I have deep respect for the rule of law and for accountability in our democracy,” Powell said Sunday. “No one — certainly not the chair of the Federal Reserve — is above the law. But this unprecedented action should be seen in the broader context of the administration’s threats and ongoing pressure.”

Powell argued the threat of criminal charges was not really about his June testimony or the renovation project. “Those are pretexts,” he said, adding that the real issue, in his view, is whether the Fed can continue setting interest rates based on economic conditions rather than political demands.

In a separate NBC News interview on Sunday, Trump denied that interest-rate decisions had anything to do with the Justice Department’s actions.

“No. I wouldn’t even think of doing it that way,” Trump said. “What should pressure him is the fact that rates are far too high. That’s the only pressure he’s got.”

He added that Powell has “hurt a lot of people” and suggested “the public is pressuring him.”

Trump nominated Powell to lead the Fed in November 2017, and Powell took office in February 2018. His term as chair is set to end in May, and the BBC reported Trump could name a successor by the end of the month.

Even after his chair term ends, Powell’s position on the Fed’s Board of Governors runs through 2028, NBC News noted.

A DOJ spokesperson declined to comment on the Fed matter, but said, “The Attorney General has instructed her U.S. Attorneys to prioritize investigating any abuse of taxpayer dollars,” according to Reuters.

In his statement, Powell said the moment is bigger than his own future, framing it as a test of the Fed’s independence.

“This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions — or whether instead monetary policy will be directed by political pressure or intimidation,” he said.

Powell added that he has served under four administrations of both parties and has tried to carry out the Fed’s mandate “without political fear or favor.” He ended by saying he would continue to do the job “with integrity and a commitment to serving the American people.”

The developments also come amid a separate dispute involving Fed governor Lisa Cook. The BBC reported that Trump said in August of last year he was removing Cook over allegations of mortgage fraud — claims she has denied. The Supreme Court has since ruled she can remain at the agency while the case proceeds.

The Associated Press reported the court is set to hear arguments in Cook’s case on Jan. 21.