Here's the Scoop – January 12, 2026: DOJ vs. Fed Chair Jerome Powell and the White House Warning for Iran

Podcast: Here's the Scoop
Host: Yasmin Vossoughian
Network: NBC News
Date: January 12, 2026

Episode Overview

This episode of "Here's the Scoop" focuses on two major stories: the unprecedented conflict between the Federal Reserve and the Trump Administration, centering on DOJ threats against Fed Chair Jerome Powell, and escalating tensions and U.S. warnings in response to deadly anti-government protests in Iran. The episode features expert insights from NBC News correspondents and on-the-ground reporting, walking listeners through potential implications for U.S. governance, global economies, and international security.

Key Segments & Discussion Points

1. DOJ Threatens Fed Chair Powell – The Battle Over Rate Cuts and Fed Independence

[01:03–10:45]

The Situation

• DOJ under the Trump administration has subpoenaed the Federal Reserve and threatened criminal indictment against Chair Jerome Powell.
• Powell publicly responded, calling the action a "pressure tactic" [01:48].
  • Powell (video statement, paraphrased): “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.” [01:48]
• This is an extraordinarily public conflict, with the Fed asserting its independence.

Why This Is So Unusual

• Brian Chung, Business and Data Correspondent: “We've never seen it before. …To see a late Sunday after dinner, not just statement, but a video message as well, posted on social media from Fed Chair Jay Powell, essentially saying, I will not be subject to this pressure from the president to lower interest rates for political reasons is just so abnormal.” [02:16]
• Suggests immense political pressure for rate cuts before the 2026 elections.

The Allegation: Building Renovations or Political Pressure?

• DOJ claims the investigation is about a supposed misrepresentation regarding costly renovations of the Eccles Building, but many see it as a pretext.
  • Brian Chung: “...the President and those that are around him have framed this as the Federal Reserve wasting taxpayer dollars, which I just want to clear the record on. This is not using taxpayer dollars.” [05:14]
• The Fed is funded by fees from banks and investment earnings, not taxpayers.

Bipartisan Pushback

• All living former Federal Reserve Chairs and several Treasury Secretaries released a joint statement defending the Fed's independence.
  • Quote from statement: “The reported criminal inquiry into Federal Reserve Chair Jay Powell is an unprecedented attempt to use prosecutorial attacks to undermine that independence.” [06:30]
• Bipartisan voices—including some Republicans—warn that politicization could undermine U.S. economic stability and make future appointments far more difficult.
  • Garrett Hake, Senior White House Correspondent: “His [Sen. Thom Tillis’s] opposition alone is enough to give the administration a major headache here.” [08:28]

Market Reaction

• The markets, surprisingly, remain calm.
  • Brian Chung: “…the market reaction is a little bit more muted than I think maybe people would have thought on the surface. I think it's because the markets don't really take this seriously.” [06:54]
  • But previous market turbulence has notably changed President Trump’s behavior in the past.

Risks of Politicized Rate Cuts

• If the Fed caves to pressure and lowers rates when the economy isn’t ready, it could mean “higher prices and potentially runaway inflation.” [09:56]
  • Brian Chung: “What president would not want that?... But any president will tell you they would love to have a Fed chair in office that will lower interest rates. The question is, when do you push the Federal Reserve into giving the economy the medicine that it does not need? ... That is what's at stake here. It will be higher prices for everyday people.” [09:56]

Notable Quote

• Garrett Hake: “Even in denying it, the President continued to press his case that this needs to be done. Again, also extraordinary and in its own way, unprecedented.” [03:09]

2. White House Warning for Iran – Regional Crisis and U.S. Policy Options

[12:37–19:23]

Escalating Crisis

• Protests in Iran have turned deadly; a human rights group reports 500 protesters and over 60 security forces killed, with tens of thousands detained amidst internet and phone blackouts.
• President Trump, while traveling on Air Force One, hinted at “very strong options” for intervention:
  • President Trump (quoted by Richard Engel): “These are violent… we're looking at some very strong options. We'll make a determination.” [13:01]

What Might U.S. Action Look Like?

• Richard Engel, NBC Chief Foreign Correspondent: “So what range of options does he have? Everything from military to cyber to general strikes to attacks on Iran's allies, although most of them have already been attacked. Significantly, I think if the U.S. were to act militarily, it would be against the security services, it would be against the tools that the state is using to repress this uprising, which is now looking more like a revolution.” [13:42]
  • Engel categorizes current events as crossing from “protest” to “revolution.” [Only part paraphrased]

Iranian Response and U.S. Warnings

• Iranian government has threatened to retaliate against U.S. and Israeli bases if attacked.
• President Trump: “If they do that, we will hit them at levels that they've never been hit before. They won't even believe it. I have five options that are so strong.” [15:39]

Protesters' Fears & Historical Parallels

• Richard Engel: “I've spoken to leading activists who say, please don't just do that. Don't just take out the top guys and turn us into a mafia state that is beholden to the U.S. If you're going to do this, go all the way. Otherwise we're all going to be dead.” [16:16]
• He notes the differences between Iran and previous U.S. actions, like in Venezuela or Iraq, emphasizing Iran’s size, influence, and geography. Any intervention would be immensely complex.

Two Possible Paths

• Military Operation: Risks massive escalation, regional destabilization, and backlash, with the need for a robust “Day 2” plan (Engel alludes to Iraq as a cautionary tale). [16:16]
• Diplomacy: Protesters fear a U.S.-brokered deal that would entrench the regime by installing a pro-American dictator while crushing the grassroots movement.
  • Richard Engel: “That's what the protesters are worried about, that they do a Venezuela, we'll keep the dictatorship. We'll just make it a pro American dictatorship.” [18:52]

3. Quick National Headlines

[19:31–22:56]

U.S. Domestic Developments

• Minnesota Sues Over Federal Agents: Citing unconstitutional political targeting after a surge of DHS and ICE agents.
• Media Mega-Mergers: Paramount Skydance sues Warner Bros. over a takeover bid. Warner Bros. plans $72B sale of HBO Max and film studio to Netflix.
• Nursing Strike in NYC: 15,000 nurses walk off at three major hospitals due to chronic understaffing and pay disputes.

Space Update

• NASA Evacuation: Four astronauts to return early from the ISS due to a medical issue—the first such emergency in 25 years.

Olympics Preview

• Team USA Figure Skating Roster Finalized: Personal stories from athletes like Ilya Malinin and Maxim Naumov (who lost his parents, both world champions, in a plane crash) [22:32, 22:53].
• On the women’s side, Alyssa Liu, Isabeau Levito, and Amber Glenn eyeing historic gold.

Notable Moments

• Amber Glenn (figure skater): “One of the reasons that we all get along so well is because not that many people understand what it takes and understand the ups and downs of such an intense sport like we do.” [22:56]

Notable Quotes with Timestamps

• Brian Chung: “We've never seen it before. …To see a late Sunday after dinner…video message…from Fed Chair Jay Powell, essentially saying, I will not be subject to this pressure from the president…is just so abnormal.” [02:16]
• NBC News Statement (read by Yasmin): “The reported criminal inquiry into Federal Reserve Chair Jay Powell is an unprecedented attempt to use prosecutorial attacks to undermine that independence.” [06:30]
• Richard Engel (on protester fears): “I've spoken to leading activists who say, please don't just do that. Don't just take out the top guys and turn us into a mafia state that is beholden to the U.S. If you're going to do this, go all the way. Otherwise we're all going to be dead.” [16:16]
• President Trump (via Engel): “If they do that, we will hit them at levels that they've never been hit before. They won't even believe it.” [15:39]

Conclusion

This episode highlights the mounting tensions between political power and independent institutions in the U.S., and the risks of global instability amidst protest movements and abrupt government actions. The conversations with correspondents illustrate why the outcomes of both the DOJ–Fed conflict and the U.S.–Iran crisis could shape not only immediate headlines but long-term global and domestic landscapes. The hosts and guests blend urgent reporting, contextual analysis, and on-the-ground insight in a style that is brisk yet comprehensive.

For more details and original reporting, listen to full episodes of "Here's the Scoop" from NBC News.