Criminal Probe Into Fed Chair Powell, Homan's Warning on ICE, MN Fraud Admissions: AM Update 1/12
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Good morning, everyone. I'm Megyn Kelly. It's Monday, January 12th, 2026, and this is your AM Update. Federal Reserve Chairman Jerome Powell confirms he's under criminal investigation by the DOJ.
We gotta stop the hyper-reddit. Saying this officer's a murderer is dangerous.
As state and local lawmakers inflame tensions in Minnesota following the shooting death, Of a woman resisting arrest who was accelerating her car toward an ICE agent, border czar Tom Homan calling on the left to turn down the temperature.
Obviously, everybody could have done more to prevent fraud. That's a fair point to make.
Minneapolis Mayor Jacob Frye forced to admit there's a real fraud problem in his city as the feds step in to fix it. President Trump eyeing possible military action in two countries... And the college football playoff championship teams are set, featuring one of the most unique star players in years. All that and more coming up in just a moment on your AM Update. Thank you so much for joining us. And as a veteran-led company that cares about giving back to those who serve, if you are active or former military or a first responder, you're going to save an additional 20% every single month. That's awesome. The easiest way to free up cash flow is to reduce your monthly recurring bills. Start by cutting overpriced wireless and consider switching to PureTalk.
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What is the criminal investigation involving Federal Reserve Chairman Jerome Powell about?
Pure Talk, America's wireless company. Prosecutors opening a criminal investigation into Federal Reserve Chairman Jerome Powell over statements regarding the renovation of the bank's D.C. headquarters. The New York Times reporting the inquiry, approved by U.S. Attorney for D.C. Jeanine Pirro in November, focuses on whether Powell lied to Congress about the scope of the project. In 2017, the Fed, receiving approval for the work, estimated to run about $1.7 billion in Cost projections now climbing to about $2.5 billion. Powell last night in a video posted to social media, looking rattled, confirming the probe and saying it's tied to his June congressional testimony. Powell says it's merely a pretext related to his fight with President Trump over interest rates.
I have deep respect for the rule of law and for accountability in our democracy. No one, certainly not the chair of the Federal Reserve, is above the law. But this unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure. This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings. It is not about Congress's oversight role. The Fed, through testimony and other public disclosures, made every effort to keep Congress informed about the renovation project. Those are pretexts. 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.
Public service sometimes requires standing firm in the face of threats. I will continue to do the job the Senate confirmed me to do with integrity and a commitment to serving the American people. Thank you.
Since taking office last January, President Trump waging a public pressure campaign, urging the Fed to lower interest rates. The Fed ultimately voting to lower rates three times last year, each move criticized by President Trump as too late and not drastic enough. The Federal Reserve is a quasi-independent body with a unique status, meaning the Fed chair, while nominated by the president, cannot be removed without cause. concerns over ballooning costs of the Fed's headquarters, reaching a fever pitch in July with President Trump visiting the construction site, criticizing the increasing costs and referring to it as, quote, sort of a fireable offense.
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