WASHINGTON, United States, Jan 12, 2026 (BSS/AFP) - Federal Reserve Chairman Jerome Powell revealed Sunday that the central bank had been subpoenaed by the Justice Department, blasting the move as part of President Donald Trump's extraordinary pressure campaign on US monetary policy decisions. Powell said in a statement that the bank received grand jury subpoenas on Friday related to his Senate testimony in June, which had been about a major renovation project of Federal Reserve office buildings. "This unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure," Powell said. Trump has consistently pressured Powell and the central bank to move faster in lowering interest rates. Powell's term as chairman of the Federal Reserve ends in May, and Trump told Politico in an interview last month that he would judge Powell's successor on whether they immediately cut rates.

Source: Bangladesh Sangbad Sangstha January 12, 2026 02:50 UTC