US President Trump says he was unaware of Justice Department subpoenas to Federal Reserve

United States President Donald Trump has said he had no knowledge of the Justice Department’s decision to issue subpoenas to the Federal Reservedistancing himself from the move amid growing controversy over the central bank’s independence.

In a brief interview with NBC News, Trump stated that he was unaware of the Justice Department’s actions. Commenting on Federal Reserve Chair Jerome PowellTrump said, “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.”

Powell had earlier disclosed that the United States Department of Justice had threatened the central bank with potential criminal charges over his testimony in June related to the Fed’s building renovation project. In response, Powell warned that such actions could undermine the central bank’s independence, stating 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.”

Trump, however, denied that the subpoenas were linked to interest rate policy. “No. I wouldn’t even think of doing it that way,” he said, adding that Powell should instead face pressure because interest rates remain too high. “What should pressure him is the fact that rates are far too high. That’s the only pressure he’s got,” Trump noted.

The remarks come amid heightened scrutiny of the relationship between the White House, the Justice Department, and the Federal Reserve, with concerns being raised by market participants and policymakers over the potential impact on monetary policy independence and institutional credibility.