Apple News Today – Detailed Summary

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

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.

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.

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).

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.

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.”

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

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)

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.