Trump denies role in DOJ's Federal Reserve subpoenas: 'I don't know anything about it'

WASHINGTON, DC: President Donald Trump denied any role in the Justice Department’s decision to subpoena the Federal Reserve, pushing back against claims that his administration is using law enforcement power to pressure the central bank over interest rates.

In a brief interview with NBC News on Sunday night, January 11, Trump addressed the growing clash with Federal Reserve Chair Jerome Powell. The president said that he did not know about the probe, which had resulted in federal agents serving subpoenas on the Fed on Friday.

“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 said of Powell.

Jerome Powell sees threats over interest rates

Powell offered a sharply different account earlier on Sunday, saying that the Justice Department was threatening the Federal Reserve with possible criminal indictment.

The inquiry centered on Powell’s June testimony about the renovation of the Fed’s office buildings.

The Fed chair argued that the move could not be separated from the White House’s broader pressure campaign. He described the action as “unprecedented” and tied it directly to the administration’s push for lower interest rates.

“The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of the economy rather than following the preferences of the president,” Powell said.

Trump blames the public for pressure

Trump rejected the idea that the subpoenas were intended to influence monetary policy.

“No. I wouldn’t even think of doing it that way,” he told NBC News.

Instead, the president said that any pressure on Powell came from voters frustrated by borrowing costs.

“What should pressure him is the fact that rates are far too high. That’s the only pressure he’s got,” Trump said. “He’s hurt a lot of people. I think the public is pressuring him.”

Senators vow to block Trump nominees

The move triggered immediate bipartisan backlash on Capitol Hill. Senator Thom Tillis (R-NC), a member of the Senate Banking Committee, said that he would block all future Federal Reserve nominees until the matter was resolved.

“If there were any remaining doubt whether advisers within the Trump Administration are actively pushing to end the independence of the Federal Reserve, there should now be none,” Tillis said.

Senator Elizabeth Warren (D-MA) echoed the concern, accusing the president of “abusing the authorities of the Department of Justice like a wannabe dictator so the Fed serves his interests.” She said that the Senate “should not move forward with any Trump nominee.”

Funding dispute amid past probes

A Justice Department spokesperson said that the investigation focuses on the “abuse of taxpayer dollars.” The Federal Reserve, however, is not funded by congressional appropriations and operates on fees from banks and income from its investment portfolio.

The dispute follows a pattern of probes launched after public criticism from the president. In October, Trump urged Attorney General Pam Bondi to pursue figures including former FBI Director James Comey and New York Attorney General Letitia James.

Indictments in those cases, brought by US Attorney Lindsey Halligan, were later dismissed after a judge ruled Halligan had been unlawfully appointed.