Trump Administration and DOJ

Newly released Federal Reserve calendars show Chair Jerome Powell made 13 separate phone calls to senators and House members in the days after the Trump Justice Department opened a criminal investigation into his June 2025 testimony about the Fed’s $2.5 billion headquarters renovation, and after he publicly accused DOJ of using subpoenas as a 'pretext' to pressure the central bank to cut rates. The 10‑ to 15‑minute calls, plus a Jan. 15 breakfast with Treasury Secretary Scott Bessent, were concentrated in the week of Jan. 11, 2026, and included top Republicans and Democrats such as Mitch McConnell, Tim Scott, Mark Warner, Maxine Waters and Hakeem Jeffries, though the calendar does not disclose what was discussed. Powell, already known for unusually heavy one‑on‑one outreach to Capitol Hill, has called the criminal probe 'unprecedented' for a sitting Fed chair and framed it as part of President Donald Trump’s broader pressure campaign on monetary policy. The investigation focuses on whether Powell’s sworn assurances that the historic Marriner Eccles building renovation lacked certain luxury features misrepresented the project, even though the work is funded by the Fed’s own revenues rather than appropriated taxpayer dollars. The behind‑the‑scenes lobbying burst is fueling concern among some economists and commentators that the standoff between the White House, DOJ and the Fed is eroding central‑bank independence, a risk markets are watching closely as inflation, rates and political interference collide in an election‑cycle economy.