Powell Probe Sparks GOP Concern, Minnesota Lawsuit on ICE, More
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What is the main topic discussed in this episode?
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What are Republican leaders saying about the DOJ grand jury subpoena of Fed Chair Jay Powell?
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How did Jay Powell describe the subpoena and its connection to his congressional testimony?
With Bloomberg News Now, I'm Doug Krisner. Key Republican lawmakers are speaking out against a grand jury investigation of Fed Chair Jay Powell. It was on Sunday night Powell said the Fed had been subpoenaed by the DOJ with threats of a criminal indictment. Powell went on to say the action was related to his congressional testimony in June on renovations of the Fed's headquarters. He also said this should be seen in the broader context of the Trump administration's threats and ongoing pressure. Immediately, Senator Tom Tillis, a key Republican on the Banking Committee who is not seeking re-election, vowed to oppose any Trump nominees to the Fed until the matter is resolved. Other Republican senators, including Lisa Murkowski and David McCormick, offered pushback on this investigation.
Which Republican senators reacted and how might this affect Fed confirmations?
And Senator John Thune said the allegations against Powell better be real and serious. Meantime, the White House said the president did not pressure the DOJ to investigate Powell. Here is Press Secretary Caroline Leavitt.
The president has every right to criticize the Fed chair. He has a First Amendment right, just like all of you do. And one thing for sure, the president's made it quite clear, is Jerome Powell is bad at his job. As for whether or not Jerome Powell is a criminal, that's an answer the Department of Justice is going to have to find out.
Press Secretary Caroline Leavitt. Now, we are told that Trump allies are worried this could discourage Powell from leaving the Fed once his term as chair ends in May. You see, Powell could stay on as Fed governor until 2028. Here is Betsy Duke, former governor for the Fed.
is it's hard for me to see Jay Powell leaving the Fed board, leaving his seat unoccupied and subject to appointment to somebody that he may not have confidence in, particularly while this lawsuit is going on.
Former Fed Governor Betsy Duke. The state of Minnesota and the twin cities of Minneapolis and St. Paul are suing the federal government to stop an enforcement surge by Immigration and Customs Enforcement. Now, this comes after the shooting death of a Minneapolis woman by an ICE officer. Here is Minnesota Attorney General Keith Ellison.
We allege that the obvious targeting of Minnesota for our diversity, for our democracy, and our differences of opinion with the federal government is a violation of the Constitution and of federal law.
What did the White House Press Secretary say about presidential pressure on the DOJ regarding Powell?
Minnesota Attorney General Keith Ellison. Arizona Democratic Senator Mark Kelly has filed a lawsuit against the Pentagon over attempts to punish him for calling on troops to resist unlawful orders. Kelly is a former Navy aviator, and he's aiming to block his censure by Defense Secretary Pete Hegseth. Here's Kelly.
Pete Hegseth wants even our longest serving military veterans to live with the constant threat that they could be deprived of their rank and retirement pay years or even decades after they leave the military just because he or another secretary of defense or a president doesn't like what they've said.
Arizona Democratic Senator Mark Kelly. President Trump is calling on credit card companies to cap interest rates at 10% for a year. Now, this move could potentially wipe out billions of dollars in profits for the banking industry.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:00–0:42
2
What are Republican leaders saying about the DOJ grand jury subpoena of Fed Chair Jay Powell?
0:42–0:49
3
How did Jay Powell describe the subpoena and its connection to his congressional testimony?
0:49–1:36
4
Which Republican senators reacted and how might this affect Fed confirmations?
1:36–3:13
5
What did the White House Press Secretary say about presidential pressure on the DOJ regarding Powell?
3:13–4:31
6
Why are Trump allies concerned Powell might remain on the Fed despite the investigation?
4:31–5:12
7
What legal action is Minnesota taking against ICE and why now?
5:12–6:31
8
Which other political and corporate stories were covered, including Mark Kelly’s lawsuit and the Google‑Apple AI deal?
6:31–7:46
Speakers
8 identifiedMore from Bloomberg News Now
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