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Justice Department Subpoenas Powell, Complicating Trump’s Plans

1/18/2026

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Summary

Story summary

The U.S. Department of Justice subpoena of Jerome H. Powell may hinder U.S. President Donald Trump's efforts to remove the Federal Reserve chairman.
Trump has criticized Jerome H. Powell, whom he appointed as Federal Reserve chairman.
The situation highlights complexities in the Justice Department's campaign against Trump's adversaries.

History

Historical Context

The Federal Reserve Act, enacted on December 23, 1913, established the Federal Reserve System, creating a central banking authority to stabilize the U.S. economy. This act aimed to regulate inflation and manage monetary policy through a Board of Governors appointed by the president. Tensions between the executive branch and the Fed, exemplified by President Trump's influence attempts, continue to shape economic governance today.

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Story summary

The U.S. Department of Justice subpoena of Jerome H. Powell may hinder U.S. President Donald Trump's efforts to remove the Federal Reserve chairman.
Trump has criticized Jerome H. Powell, whom he appointed as Federal Reserve chairman.
The situation highlights complexities in the Justice Department's campaign against Trump's adversaries.

1 / 2