Podcast Summary: The Megyn Kelly Show

Episode: Criminal Probe Into Fed Chair Powell, Homan's Warning on ICE, MN Fraud Admissions: AM Update 1/12
Date: January 12, 2026
Host: Megyn Kelly (SiriusXM)

Overview

This AM Update episode covers several breaking stories in American politics, law enforcement, and sports. Megyn Kelly reports on a criminal investigation into Federal Reserve Chairman Jerome Powell, heightened tensions in Minnesota after an ICE-involved shooting, large-scale welfare fraud in the state, President Trump’s escalating foreign policy, and a preview of the NCAA college football playoff championship. The episode is punctuated with quotes from major figures, providing insight and direct commentary.

Key Discussion Points & Insights

1. Criminal Probe into Federal Reserve Chair Jerome Powell

[02:23 – 04:17]

• The Department of Justice has opened a criminal investigation into Fed Chair Jerome Powell regarding statements about the scope and costs of the Federal Reserve headquarters renovation.

  • The probe, initiated by U.S. Attorney for DC Jeanine Pirro, centers on possible false statements to Congress in 2017 when the project was approved at $1.7 billion, but costs have now ballooned to $2.5 billion.
  • Powell appeared visibly shaken in a video statement, defending his integrity and suggesting the investigation is politically motivated due to his clashes with President Trump over interest rates.

  “This unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure... 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, [03:23]

• President Trump has publicly pressured the Fed to lower interest rates, but criticized their moves as insufficient.

• Observers worry about the erosion of Fed independence.

2. Minnesota ICE Agent Shooting, Public Fallout, and Law Enforcement Rhetoric

[04:17 – 09:27]

• Protests erupted in Minneapolis after an ICE agent shot a woman who was reportedly accelerating her vehicle toward him during an arrest.

  • Minneapolis Mayor Jacob Fry disputes claims the officer was endangered.
  • Audio/video evidence reportedly shows otherwise, and the agent (an Iraq War veteran) sustained a hip injury.
  • Officials’ harsh rhetoric toward the ICE agent has led to threats and doxxing.

  “He’s concerned. I’ve seen today his face all over social media. He’s been doxxed. People are threatened to kill him... he’s not good. He fears for him and his family.”
  — Tom Homan, former ICE Director, [06:27]

• Secretary Kristi Noem (DHS) notes a trend of vehicles being weaponized against officers.

  “We’ve seen vehicles weaponized over 100 times in the last several months against our law enforcement officers.”
  — Kristi Noem (paraphrased), [07:20]

• Rep. Ilhan Omar encourages bystanders to record ICE incidents for transparency, accusing DHS of prior dishonesty.

• Tom Homan urges media and lawmakers to “stop the hateful rhetoric,” warning it fuels danger for officers and incites further unrest.

  “Saying this officer’s a murderer is dangerous. It’s just going to infuriate people more, which means there’s going to be more incidents like this.”
  — Tom Homan, [09:08]

3. Massive Welfare Fraud in Minnesota

[10:00 – 13:03]

• Federal investigators have uncovered at least $9 billion in fraud across 14 Minnesota Medicaid programs.

• As a result:

  • Governor Tim Walz dropped his reelection bid.
  • Trump administration implemented sweeping measures: paused federal funding, froze payments, increased applicant verification, suspended small businesses, investigated banks and nonprofits for money laundering and fraud.
  • Congresswoman Ilhan Omar condemned the administration’s approach, arguing the response is more about PR and hurts vulnerable constituents.

  “Obviously everybody could have done more to prevent fraud... the fraud’s real. We’ve all got to acknowledge that the fraud is very real.”
  — Jacob Fry, Minneapolis Mayor, [10:49]

  “There is no reason for them to use this level of rhetoric. There is no reason for them to fully stop funding these programs. The only reason they are doing that is for PR purposes. And it is harming our state, it is harming my constituents, and it is creating the kind of chaos and confusion that no one needs in this moment.”
  — Rep. Ilhan Omar, [12:32]

• Treasury Secretary Scott Besant plans to offer whistleblower rewards for information about ongoing fraud.

  “We know that these rats will turn on each other... We are going to offer whistleblower payments to anyone who wants to tell us the who, what, when, where and how this fraud has been done.”
  — Scott Besant, [13:19] (as quoted by Megyn Kelly)

4. Intensified U.S. Foreign Policy: Military Action and Greenland Gambit

[13:54 – 20:32]

• U.S. airstrikes targeted 35 ISIS-linked sites in Syria.

• President Trump publicly contemplates military action in Iran if the regime cracks down violently on protesters.

  • “There seem to be some people killed that aren’t supposed to be killed, but we’re looking at it very seriously... and we’re looking at some very strong options.”
    — Donald Trump, [17:45]
  • U.S. options: cyber operations, supporting opposition, new sanctions, military strikes.

• Trump administration is also exploring acquisition of Greenland, citing security concerns over Russian/Chinese Arctic moves.

  • Military action is suggested as a contingency.
  • Danish PM and NATO allies issue strong warnings; EU considers sanctions against U.S. if plans proceed.

  “Greenland basically their defense is two dog sleds... We’re talking about acquiring, not leasing, not having it short term. We’re talking about acquiring, and if we don’t do it, Russia or China will.”
  — Donald Trump, [20:04]

• Secretary of State Marco Rubio to meet with the Danish government for discussions.

5. College Football Playoff Championship & Fernando Mendoza’s Rise

[21:18 – 22:37]

• Top-ranked Indiana Hoosiers (undefeated) set to face Miami Hurricanes (13-2) in the upcoming championship.

• Spotlight on Heisman-winning QB Fernando Mendoza, praised for his humility and leadership.

  “First of all, I want to give all the glory to God... we’re just a bunch of gritty guys who are glued together and going towards a common goal which is to win every each and single game.”
  — Fernando Mendoza, [21:18]

  “If you’re able to have delayed gratification, discipline in yourself and discipline in your process and preparation, you’re able to execute every single week like... this game is the most important thing.”
  — Fernando Mendoza, [21:56]

Notable Quotes & Memorable Moments

• Jerome Powell: “[This] unprecedented action should be seen in the broader context of the administration’s threats... 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...” [03:23]
• Tom Homan: “He’s been doxxed. People are threatened to kill him. So he’s not good... Let the investigation play out.” [06:27]
• Jacob Fry: “Obviously everybody could have done more to prevent fraud... the fraud’s real. We’ve all got to acknowledge that the fraud is very real.” [10:49]
• Ilhan Omar: “There is no reason for them to use this level of rhetoric. There is no reason for them to fully stop funding these programs. The only reason they are doing that is for PR purposes.” [12:32]
• Donald Trump (on Greenland): “Greenland basically their defense is two dog sleds... We’re talking about acquiring, not leasing... And if we don’t do it, Russia or China will.” [20:04]
• Fernando Mendoza: “First of all, I want to give all the glory to God... we’re just a bunch of gritty guys who are glued together and going towards a common goal...” [21:18]

Timestamps for Major Segments

• Criminal probe into Jerome Powell: [02:23 – 04:17]
• Minnesota ICE agent shooting controversy: [04:17 – 09:27]
• Minnesota welfare fraud / political fallout: [10:00 – 13:03]
• U.S. foreign policy moves (Syria, Iran, Greenland): [13:54 – 20:32]
• College Football Playoff, Fernando Mendoza: [21:18 – 22:37]

Conclusion

This episode delivers rapid-fire updates on some of the most urgent political, law enforcement, and cultural stories of the day. It’s a showcase of the high stakes and rising tempers that define contemporary American public life, featuring direct voices from those at the heart of every major story. The mix of raw quotes and Megyn Kelly’s no-nonsense delivery makes the episode an essential listen for anyone following national developments.