January 12, 2026: Powell Probe Draws GOP Concern, Corporate Firm Job Cuts, More
episodePreviously titled “Powell Probe Draws GOP Concern, Corporate Firm Job Cuts, More” — renamed by the publisher on Aug 2, 2026
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News when you want it. With Bloomberg News Now, I'm Doug Krisner. Key Republican lawmakers are speaking out against a grand jury investigation of Fed Chair Jay Powell. On Sunday night, Powell said the Fed had been subpoenaed by the DOJ with threats of a criminal indictment. Powell said the action was related to his congressional testimony in June on renovations of the Fed's headquarters. But he also said this should be seen in the broader context of the Trump administration's threats and ongoing pressure. Well, immediately, Senator Tom Tillis, a key Republican on the Banking Committee who is not running for re-election, vowed to oppose any Trump nominees to the Fed until this matter is resolved. At the same time, Senate Majority Leader John Thune said the allegations against Powell better be real and serious.
Here is Bloomberg's Tyler Kendall.
It does appear that Powell is talking with these senators in real time. Senator Lisa Murkowski, a Republican from Alaska, confirmed she spoke with him earlier this morning, and she is now suggesting that Congress could launch its own investigation into the Department of Justice's investigation. And, Joe, I'll leave you with this one. The House Financial Services Chair, French Hill, saying that this is an unnecessary distraction, in his words, appearing to take the side of the Fed chair.
That is Bloomberg's Tyler Kendall. Meantime, the U.S. attorney for the District of Columbia, Jeanine Pirro, said tonight she did not seek a sign-off from her bosses at the Department of Justice before issuing a subpoena to the Fed. In a post on X, Pirro also said she does not plan to back down from this investigation. And she said the word indictment has come out of Mr. Powell's mouth, but no one else's. At the same time, this probe has elicited objections from GOP lawmakers, while recent comments from President Trump suggest he's trying to distance himself from this matter. In company news, Meta Platforms is planning to cut around 10% of workers in its reality labs division. This is part of a broader strategy to shift money away from some virtual reality products and into other AI wearables.
We are told these layoffs are set to be announced this week. Citigroup is set to cut about 1,000 jobs this week. This is part of CEO Jane Fraser's plan to keep a lid on cost and improve returns. And BlackRock is cutting hundreds of jobs across the company. We are told these cuts total about 1% of BlackRock's total global headcount. That will amount to around 250 employees firm-wide. We go to Iran next, where the government says its security forces have full control of the country after two weeks of violent unrest. At the same time, President Trump said the U.S. is mulling potential options in response to reports of deadly crackdowns on Iranian demonstrators. Here is White House Press Secretary Caroline Lovett.
One thing President Trump is very good at is always keeping all of his options on the table. And airstrikes would be one of the many, many options that are on the table for the commander in chief. Diplomacy is always the first option for the president.
White House Press Secretary Caroline Leavitt.
What concerns do GOP lawmakers have regarding the Powell probe?
Now, in a post on Truth Social today, President Trump said he will impose a 25 percent tariff
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