January 11, 2026: Fed Served With DOJ Subpoenas, Protests Continue in Iran, More
episodePreviously titled “Fed Served With DOJ Subpoenas, Protests Continue in Iran, More” — renamed by the publisher on Aug 2, 2026
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What is the main topic discussed in this episode?
News when you want it with Bloomberg News Now. I'm Doug Krisner. Federal prosecutors have opened a criminal investigation into Fed Chair Jay Powell. This is over the Fed's renovation of its Washington, D.C.
What criminal investigation is being conducted against Fed Chair Jay Powell?
headquarters. Earlier tonight, the New York Times reported a key issue is whether Powell lied to Congress about the scope of the project. Well, the report prompted Powell to issue a video statement. In it, he said the Fed had been served grand jury subpoenas from the DOJ threatening a criminal indictment related to his June congressional testimony. So Powell confirmed the subpoenas and called them a pretext.
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.
So far, there is no indictment, and Powell pushed back against the administration's threats and ongoing pressure.
Public service sometimes requires standing firm in the face of threats. I will continue to do the job the Senate confirmed me to do. That was Fed Chair Jay Powell.
Now, a number of senators have responded to this probe, among them Republican Tom Tillis. He came to the Fed's defense. In a statement, Tillis said he would oppose the confirmation of any nominee for the Fed, including... the upcoming Fed share vacancy until this legal matter is fully resolved. At the same time, Massachusetts Democratic Senator Elizabeth Warren said the Senate should not move forward with any Trump nominee for the Fed, including Fed share. We go to Iran next, where nationwide anti-government protests have intensified, and President Trump has repeatedly threatened to strike at Iran, suggesting America is back in the regime change business. Today, Tehran warned both the U.S. and Israel against any intervention.
Speaking to reporters today, Trump said the U.S. is closely monitoring protests in Iran.
We're looking at it very seriously. The military is looking at it. And we're looking at some very strong options.
That is President Trump. There were nationwide protests today against ICE across the U.S. after an agent shot and killed Renee Nicole Good last week in Minneapolis. Also today, Homeland Security Secretary Kristi Noem said hundreds more federal agents are being deployed to Minneapolis. Here is Noem speaking to Fox News.
We're sending more officers today and tomorrow. They'll arrive. There'll be hundreds more in order to allow our ICE and our Border Patrol individuals that are working in Minneapolis to do so safely. We're going to continue to, if they conduct violent activities against law enforcement, if they impede our operations, that's a crime. And we will hold them accountable to those consequences.
Homeland Security Secretary Kristi Noem speaking there to Fox News. Late last week, the Trump administration met with oil executives to discuss rebuilding Venezuela's oil industry. And today, U.S. Energy Secretary Chris Wright told CBS Face the Nation, there's a real possibility American businesses will take a financial stake in Venezuela's oil industry.
Today, we are running the sale of their crudes. We have a quarantine around their ability to ship oil outside of Venezuela. All of that goes through American crude marketers, and then that crude goes out into the market. We collect those funds and bring them back to Venezuela to better the lives of Americans and Venezuelans. In the long run, what will happen with Venezuelan oil resources? Yeah, of course, quite likely you'll see American companies expanded presence there. You'll see growing production.
U.S. Energy Secretary Chris Wright speaking on CBS Face the Nation. At the same time today in a post on Truth Social, President Trump said Cuba will no longer get oil or money from Venezuela. Trump also said he is planning to meet with Venezuelan opposition leader Maria Corina Machado later in the week. We go to Mississippi next, where officials have arrested a suspect on suspicion of setting fire to the state's largest synagogue.
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