Fed Chair Powell is under criminal investigation. What to know.

Summary

Apple News Today – Detailed Summary

Episode Title: Fed Chair Powell is under criminal investigation. What to know.
Host: Shumita Basu
Date: January 12, 2026

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Episode Overview

This episode dives into the aftermath of Federal Reserve Chair Jerome Powell revealing that he is under criminal investigation — an unprecedented escalation in the ongoing clash between Powell and the Trump administration. The episode also explores major global and domestic news stories: continuing protests in Iran amid harsh crackdowns, the fallout from a fatal ICE shooting in Minneapolis, and highlights from a trailblazing night at the Golden Globes, including the event’s first podcast award.

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Main Segment 1: Criminal Investigation of Fed Chair Jerome Powell

Background and Context

• Jerome Powell announced that federal prosecutors are investigating him, a development framing the broader question:
  Will Federal Reserve monetary policy remain independent, or be dictated by political intimidation?
• The investigation appears linked to Powell’s congressional testimony about a costly Fed building renovation, though Powell claims the legal threat is a “pretext” for political pressure (00:12–01:31).

Powell’s Response and Underlying Tensions

• Powell released a defiant video statement on his official X account:

  “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.”
  — Jerome Powell (01:01)

• He framed the criminal threat as retaliation for the Fed maintaining independent interest rate decisions rather than yielding to presidential preference:

  “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.”
  — Jerome Powell (01:31)

• President Trump denied knowledge of the investigation in an NBC interview but has criticized Powell for not lowering interest rates faster and has suggested firing him, despite significant legal barriers (01:42–02:25).

Investigation Details and Legal & Political Ramifications

• The DOJ probe is reportedly linked to statements Powell made to the Senate Banking Committee about the $2.5 billion Fed headquarters renovation.

• The probe is run from the Office of Washington, D.C. attorney Jeanine Pirro, a known Trump ally (02:36–03:08).

• Powell defended his stewardship:

  “No one in office wants to do a major renovation of a historic building during their term in office…But we decided to take it on because honestly...the Eccles Building really needed a serious renovation. Never had one. It was not really safe and it was not waterproofing proof and that kind of thing.”
  — Jerome Powell (03:08)

• Justice Department said (to the Wall Street Journal) that Attorney General Pam Bondi has directed all U.S. attorneys to “prioritize investigating any abuses of taxpayer dollars.” (03:37)

• Trump has a record of using prosecutorial levers against political adversaries, but few convictions have resulted so far (03:37).

The Stakes for Federal Reserve Independence

• The episode underscores the critical principle of central bank independence and the risks of short-term political manipulation of interest rates.
• In a closing statement, Powell asserted:

  “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.”
  — Jerome Powell (04:44)

• Powell’s term as chair ends in May, and Trump has signaled he already has a successor in mind.

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Main Segment 2: Protests and Crackdowns in Iran

Eruption of Protests and Government Response (04:56–09:13)

• Protesters in Iran have sustained demonstrations for over two weeks, triggered by soaring prices and inflation (annual inflation topped 42% in December).
• The Iranian regime responded with extreme measures: shutting down the internet, firing on crowds, and detaining more than 10,000 people.
• Evidence cited from videos and hospital statements suggests widespread violence and hundreds of deaths; exact figures are hard to confirm.

Expert Perspective

• John Gambrell (Associated Press Gulf/Iran Director, 07:27):

  “This country of 85 million…is feeling (inflation). That’s in part due to mismanagement by the government, and that’s in part due to international sanctions…”

  “As these protests started in Tehran, they soon spread…over time, they grew more into a challenge directly to Iran’s theocracy. Slogans against Supreme Leader Ayatollah Ali Khamenei…People demanding revolution, even, which…typically bring a death sentence.”
  — John Gambrell (07:27)

• The regime’s record of violent crackdowns is highlighted, and the possibility that protests could threaten the state's foundations is discussed.

U.S. and International Dimension

• Trump has expressed willingness to support protesters, warning:

  “If they start killing people like they have in the past, we will get involved. We’ll be hitting them very hard where it hurts, and that doesn't mean boots on the ground, but it means hitting them very, very hard where it hurts.”
  — President Trump (06:44)

• Iran’s government counters that U.S. and Israeli military sites would become “legitimate targets” in such a scenario (06:58).

Uncertainty Ahead

• Gambrell notes Iranian uncertainty over Trump’s foreign policy, referencing the recent capture of Venezuela's Maduro:

  “There’s a great deal of uncertainty right now, and that’s probably the thing that’s worrying them the most.”
  — John Gambrell (08:52)

• Trump is due for a briefing on response options (09:13).

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Main Segment 3: Aftermath of a Fatal ICE Shooting in Minneapolis

The Shooting and Public Outrage (09:13–12:47)

• The killing of Renee Nicole Goode by an ICE agent prompted massive protests in Minneapolis and across the country.

• Demonstrators denounced ICE, describing their presence as “creating terror…traumatizing our families” (09:48).

  “They are creating chaos. They're traumatizing our families, our children, with impunity. And this week they killed a mother.”
  — Kristen Crabtree, activist (10:01)

• Protests intensified as footage and reports emerged of aggressive federal tactics, including property raids, arrests, and pepper spraying protesters.

Federal and Local Standoff

• Homeland Security Secretary Kristi Noem pledged to send hundreds more officers, calling this the largest DHS operation in history.
• Controversy centers around the release of agent-shot cell phone video. Noem claims the agent acted in self-defense, asserting:

  “They were attempting to push out their vehicle and a woman attacked them and those surrounding them and attempted to run them over and ram them with her vehicle…”
  — Kristi Noem (11:54)

• Minnesota officials dispute this narrative. Minneapolis Mayor Jacob Frey:

  “The ICE agent was not run over, as Trump stated. You had a person that was definitively trying to just get out of there. They were trying to leave the scene.”
  — Jacob Frey (12:35)

• State and local authorities are trying to investigate, but have been denied access to federal evidence.
• Minnesota’s Attorney General and Hennepin County Attorney are soliciting public submissions of videos, photos, and testimonies.

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Additional Noteworthy Stories

Mississippi Synagogue Arson (14:06–14:57)

• A historic synagogue in Jackson, Mississippi, was attacked by an arsonist; no injuries, but two sacred Torahs lost.
• Mayor John Horn responds:

  “Acts of anti-Semitism, racism and religious hatred are attacks on Jackson as a whole.”
  — Mayor John Horn

Trump’s Portrait Gallery Update (14:57–15:41)

• The National Portrait Gallery updated Trump’s portrait text, removing references to his two impeachments after Trump’s complaints.

Golden Globes First-Ever Best Podcast Award (15:41–16:08)

• “Good Hang with Amy Poehler” wins inaugural Golden Globe for Best Podcast.
• Poehler’s acceptance speech filled with humor and edge:

  “I'm big fans of all of you except for NPR, just a bunch of celebs phoning it in, so try harder.”
  — Amy Poehler (15:54) Poehler also ended her speech lightheartedly: “You can go back to watching the Patriots.”

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Timestamps for Key Segments

• 00:05 – Episode opens with news of Powell’s investigation
• 01:01 – Powell’s official statement
• 01:31 – Powell’s rebuke framing investigation as political
• 04:44 – Powell’s closing declaration of resilience
• 06:44 – Trump’s remarks on Iran protests
• 07:27 – John Gambrell provides expert Iranian context
• 09:48 – Minnesota protests and public anger (Kristen Crabtree)
• 11:54 – Kristi Noem’s interview with Jake Tapper
• 12:35 – Mayor Jacob Frey challenges ICE narrative
• 15:54 – Amy Poehler’s Golden Globe speech

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Memorable Quotes

• “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.”
  — Jerome Powell (01:01)

• “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.”
  — Jerome Powell (01:31)

• “This country of 85 million people is feeling it. That’s in part due to mismanagement by the government, and that’s in part due to international sanctions…”
  — John Gambrell (07:27)

• “They are creating chaos. They're traumatizing our families, our children, with impunity. And this week they killed a mother.”
  — Kristen Crabtree (10:01)

• “I'm big fans of all of you except for NPR, just a bunch of celebs phoning it in, so try harder.”
  — Amy Poehler (15:54)

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Summary

This episode synthesizes high-stakes political drama in Washington with global unrest and cultural milestones, centering on concerns about the weaponization of power, both in monetary policy and civic governance. It highlights the unprecedented nature of the administration’s scrutiny of the Federal Reserve, the ripple effects of authoritarian crackdowns in Iran, the tragic consequences and contentious aftermath of a fatal law enforcement shooting, and moments of levity and progress in pop culture. Listeners come away with a nuanced view of how political, economic, and social threads are intertwined in today's news.

Transcript

[A]

Good morning. Fed Chair Jerome Powell says the Trump administration is threatening him with a criminal indictment. And he's not mincing words.

[B]

This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions, or whether instead, monetary policy will be directed by political pressure or intimidation.

[A]

Plus, Iran's protests stretch past the two week mark as the regime cracks down hard with fatal force and an Internet blackout. And a first at the Golden Globes last night, an award for best podcast. It's Monday, January 12th. I'm Shemitah Basu. This is Apple News Today. Let's start with the Fed. Last night, Chair Jerome Powell posted a sharp, succinct response to the news that federal prosecutors are opening an investigation into him.

[B]

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.

[A]

Powell's video, uploaded to an official X account usually reserved for dry economic data updates, is a stunning rebuke against the White House. He said the DOJ threats ostensibly focused on his congressional testimony related to the Fed's building renovation work, but Powell claimed this was a pretext.

[B]

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.

[A]

In a brief interview with NBC last night, President Trump denied knowing anything about the investigation. For months now, he has attacked Powell for refusing to lower interest rates faster. And he's often floated the possibility of firing Powell, something that would be legally difficult. Many experts agree Trump would need to prove cause, which has been generally interpreted to be gross misconduct or fraud. That's where the headquarters renovation could come in. Trump has frequently criticized Powell for the cost of the roughly $2.5 billion building upgrade, most memorably during a tour of the site last July, where cameras rolled as the two disagreed about the total cost of the project.

[B]

You just added in a third building is what that is. That's a third building.

[C]

It's a building that's being built.

[B]

It was built five years. We finished Martin five years ago.

[C]

It's part of the overall work.

[A]

So some have speculated whether Trump will use the renovation project as a way to remove Powell and install someone who will lower rates to his will. According to the Wall Street Journal, the DOJ investigation is being run out of the Office of Washington, D.C. attorney and close Trump ally Jeanine Pirro. It appears to center on Powell's statements to the Senate Banking Committee back in June regarding the renovation there. He accepted there were overruns, but dismissed many of the media reports, claiming extravagant spending.

[B]

No one in office wants to do a major renovation of a historic building during their term in office. Much prefer to leave that to your successors, and this is a great example why, let alone two historic buildings that needed a lot of work. But we decided to take it on because honestly, when I was the administrative governor before I became chair, I came to understand how badly the Eccles Building really needed a serious renovation. Never had one. It was not really safe and it was not waterproofing proof and that kind of thing. So we took it on.

[A]

A Justice Department spokesperson declined to comment on the investigation to the Wall Street Journal, but said Attorney General Pam Bondi, quote, has instructed her U.S. attorneys to prioritize investigating any abuses of taxpayer dollars. Trump has already sought to fire Fed Governor Lisa Cook over allegations of mortgage fraud that she denies and is challenging at the Supreme Court. It's worth saying, though, that while Trump has frequently sought to prosecute political foes during his second term, so far he hasn't had much success with convictions. A federal judge recently threw out indictments for both James Comey and New York's Attorney General Letitia James, and threats against Democratic Senator Adam Schiff have yet to reach a grand jury. An independent chair is a fundamental principle of the Federal Reserve, designed to prevent politicians making short term decisions on interest rates that might benefit them politically but cause longer term economic damage. In concluding his statement, Powell reaffirmed his commitment to staying on the job.

[B]

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.

[A]

Powell's term as chair ends in May, and Trump recently indicated that he knows who he'll pick as his successor. Now let's go to Iran, where anti government protests that started about two weeks ago in response to climbing prices have gained momentum. For days now, the country has been relatively cut off from the world as the regime shut down the Internet and phone lines, making it hard to find out exactly what's going on inside the country. But verified videos circulating online show large crowds, crowds chanting death to the dictator, official buildings including a mosque set ablaze, and evidence of violent suppression. Security forces can be seen opening fire toward crowds, and various human rights groups put the death toll as high as 500 people, though it's difficult for any news organization to independently confirm those numbers. One hospital told the BBC they were overwhelmed with casualties and injuries, and one US based rights group said more than 10,000 people have been arrested over the course of two of unrest. It's hard to overstate just how dire Iran's inflation has become. Its currency recently plunged to a record low and the annual inflation rate rose to 42.2% in December, according to reporting from the New York Times. Even Tehran's Grand Bazaar, which has long been a symbol of commerce and conservative support for the regime, has joined recent protests by going on strike. President Trump has now opened the door to action in support of the protests, and on Friday, he said the country was in big trouble.

[C]

I've made the statement very strongly that if they start killing people like they have in the past, we will get involved. We'll be hitting them very hard where it hurts, and that doesn't mean boots on the ground, but it means hitting them very, very hard where it hurts.

[A]

Iran's parliament speaker warned that U.S. and Israeli military bases would become, quote, legitimate targets in the event of an attack. And its president, he had a duty to respond to what he called rioters, though he did acknowledge the economic pain currently being felt. John Gambrell is the AP's news director for the Gulf and Iran. He told us Iranians are feeling the impact of runaway inflation, which is tied to sanctions and ultimately to the regime across the board.

[D]

This country of 85 million people is feeling it. That's in part due to mismanagement by the government, and that's in part due to international sanctions broadly over Iran's contested nuclear program. Now, as these protests started in Tehran, they soon spread to other cities and over time, they grew more into a challenge directly to Iran's theocracy. We've heard people chanting slogans against Supreme Leader Ayatollah Ali Khamenei. People demanding a change in the system, people demanding revolution, even, which these are things that typically bring a death sentence.

[A]

Iran has seen mass protests before, but Gambrel told us the national security apparatus has put them down through the use of extreme violence. And he said that the regime's leadership is unlikely to be moved by Trump's threats.

[D]

Ultimately, in Iran, the power structure rests on the shoulders of one person, and that's Iran's 86 year old Supreme Leader, Ayatollah Ali Khamenei. Everything that he's done in the decades since he's been Supreme Leader suggests that open negotiation with the United States likely would never happen with him in power.

[A]

Last June, when US Forces bombed Iranian nuclear sites as part of Israel's war with the country, the world watched on as fears of a wider regional war grew. This time, Gamrell noted, Trump's unpredictability has left the Iranian leadership less certain what action he could take.

[D]

He's much more willing to use force. And the capture of Venezuelan leader Nicolas Maduro has raised concern that maybe Trump could do the same or do a targeted leadership strike or conduct any sort of military strike in Iran to back the protesters. So for the Iranians, there's a great deal of uncertainty right now, and that's probably the thing that's worrying them the most.

[A]

The Wall Street Journal reports that Trump will get a briefing tomorrow outlining a range of options in response to these demonstrations. The fatal shooting of Renee Nicole Goode by an ICE agent sparked massive nationwide protests over the weekend as politicians continue debating the circumstances of her death. In Minneapolis, where Good was killed, tens of thousands of people took to the streets on Saturday to voice their opposition to ICE's presence in the city.

[E]

Press before Nancy they're creating terror. They are creating chaos. They're traumatizing our families, our children, with impunity. And this week they killed a mother.

[A]

That's Kristen Crabtree speaking to the Washington Post at a demonstration on Saturday. Meanwhile, arrests and confrontations in the city continued, some captured on video. In one incident, federal agents rammed the door of a home, forcing their way in. In this video shared by the Associated Press, the agents appear to break through the door, apprehend a man and lead him away. Handcuffed, a woman emerges, distraught to say her husband has been taken. There's Egyptian ground. Shortly before the raid, the AP reported that demonstrators were pepper sprayed while confronting the agents. And yet ICE presence in the city shows no signs of slowing. Homeland Security Secretary Kristi Noem on Sunday pledged to send hundreds more officers to Minneapolis in response to protests and cited the recent welfare fraud scandals in the state. In an interview on Fox News, she said the officers would be sent there to bolster security for ICE and Border Patrol agents that are currently in Minnesota. With about 2,000 federal agents already deployed in Minneapolis, Noem says it's the largest operation in DHS history. Even with fresh confrontations over the weekend, local and national politicians are continuing to weigh in on what happened during ice's encounter with Good. Cell phone footage taken by the agent who shot Good was released this weekend, which a CNN analysis described as appearing to undermine elements of the government's narrative of what happened. Noem has maintained the officer since, identified as Jonathan Ross, was acting in self defense against what she called an act of domestic terrorism. In a heated exchange with CNN's Jake Tapper. Noem doubled down on those assertions.

[F]

They were attempting to push out their vehicle and a woman attacked them and those surrounding them and attempted to run them over and ram them with her vehicle. That's not what happened. We all saw what happened.

[E]

It absolutely is what happened. Those officers had been out on enforcement action. A vehicle had been stuck. They had come to help get that vehicle out. That's when this individual started blocking traffic for minutes and minutes.

[F]

And you said that the woman attacked them and surrounded them and attempted to run them over and ram them with.

[E]

Their vehicle, blocked the road for a long time and was yelling at them and impeding a federal law enforcement investigation.

[A]

Having watched that interview, Minneapolis Mayor Jacob Fry told NBC's Meet the Press on Sunday, the video speaks for itself.

[B]

The ICE agent was not run over, as Trump stated. You had a person that was definitively trying to just get out of there. They were trying to leave the scene.

[A]

As all of this is happening, officials in Minnesota have been blocked from participating in the investigation by federal authorities. That hasn't stopped Minnesota's Attorney General Keith Ellison and Hennepin County Attorney Mary Moriarty from asking the public to submit videos, photos and eyewitness accounts of what happened as they launched their own investigation. Ellison and Moriarty countered an earlier statement by Vice President J.D. vance that the officer had, quote, absolute immunity. Ellison also warned they would not have access to FBI evidence or forensic evidence like DNA or access to Good's car, and that it's too early to know if they would be able to collect enough information to produce a charge. And finally, a few other stories we're following. A historic Mississippi synagogue was attacked by a suspected arsonist over the weekend. It's the only synagogue in Jackson, and it's the second time it's been attacked. The first was back in 1967 when it was targeted by the Ku Klux Klan for supporting the civil rights movement. Two Torahs were lost in the fire, but there were no injuries. A suspect has now been arrested and charged. Jackson's Mayor, John Horn, said in a statement, quote, acts of anti Semitism, racism and religious hatred are attacks on Jackson as a whole. President Trump's photo at the National Portrait Gallery has been updated, and the accompanying text now eliminates references to his two impeachments. A Smithsonian spokesperson said the change was part of a planned update to the text that accompanies its American President's Gallery and that they had been exploring less descriptive labels. Trump had personally complained about his previous portrait. The caption of which read, quote, impeached twice on charges of abuse of power and incitement of insurrection after supporters attacked the US Capitol on January 6, 2021. He was acquitted by the Senate in both trials. The Washington Post reports Trump made his complaints as he was trying to force the National Portrait Gallery's director out. The president and the Smithsonian did not respond to the Post's questions about whether Trump requested the and at the Golden Globes last night, Hamnet, the fictional retelling of Shakespeare's family life, beat stiff competition to win best drama award. Paul Thomas Anderson, meanwhile, was named best director for One Battle After Another, while Teyana Taylor got best supporting actress for her performance as the revolutionary Perfidia. Timothee Chalamet won his first Golden Globe for his depiction of the ping pong player Marty supreme, and Rose Byrne collected her first as best actress for if I Had Legs I. In the TV categories, there were awards for the Pit, the Studio and Pluribus, among others. Now, for the first time, the Golden Globes paid tribute to the podcast, holding its inaugural award that went to Good Hang with Amy Poehler.

[E]

I have great respect for all the people that I am nominated with. I'm big fans of all of you except for npr, just a bunch of celebs phoning it in, so try harder.

[A]

Poehler said she wanted to bring more laughter into a very rough world and ended her speech by telling her parents they could go back to watching the Patriots. You can find all these stories and more in the Apple News app. And if you're already listening in the News app right now, we've got a narrated article coming up next. Rolling Stone reports on Beaufort, who in the 70s was the most famous sheriff in the country after a movie based on his career and the death of his wife became a smash hit. But behind the Hollywood storytelling, investigators say it may have all been a lie, and questions now remain over whether he was involved in his wife's killing. If you're listening in the podcast app, follow Apple News plus Narrated to find that story and I'll be back with the news tomorrow.