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CHRISTOPHER RUGABER and JOSH BOAK.

FILE - Federal Reserve Chairman Jerome Powell, right, and President Donald Trump look over a document of cost figures during a visit to the Federal Reserve, July 24, 2025, in Washington. (AP Photo/Julia Demaree Nikhinson, File)

Trump’s legal attack on Powell underscores his aim for full control over Fed

January 12, 2026

The Department of Justice’s threat to criminally indict Federal Reserve Chair Jerome Powell has set up a tense showdown between the White House and the U.S. central bank, with Powell saying the subpoenas that arrived on Friday are intended to force him to follow President Donald Trump’s orders. The subpoenas apply to the cost of renovating Fed buildings, including its marble-clad headquarters in Washington, DC, but they are more fundamentally about the fate of the Fed’s independence, how power is distributed within the federal government, and how it will effect the U.S. economy.

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FILE - Stephen Miran, chairman of the Council of Economic Advisors, walks at the White House, June 17, 2025, in Washington. (AP Photo/Alex Brandon, File)

Trump to nominate top economic aide Stephen Miran to Federal Reserve board

August 7, 2025

President Donald Trump has nominated a top economic adviser to the Federal Reserve’s board of governors for four months, temporarily filling a vacancy while continuing his search for a longer-term appointment. Trump on Thursday named Stephen Miran, the chair of the White House’s Council of Economic Advisers, to fill a seat vacated by governor Adriana Kugler, a Biden appointee who is stepping down Friday. Miran, if approved by the Senate, will serve until January 31, 2026.

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FILE - Federal Reserve Board Chairman Jerome Powell listens during a Senate Committee on Banking hearing, June 25, 2025, on Capitol Hill in Washington. (AP Photo/Julia Demaree Nikhinson, File)

How Trump could use a building renovation to oust Fed Chair Powell

July 24, 2025

President Donald Trump says he’s found a way to achieve his goal of removing Federal Reserve Chair Jerome Powell, accusing him of mismanaging the U.S. central bank’s $2.5 billion renovation project. It’s unclear if Trump will follow through, but he’s been outspoken about wanting Powell gone. The push comes after a monthslong campaign by Trump to try to rid himself of the politically independent central banker. Powell has resisted the Republican president’s calls to slash interest rates. Meanwhile, Trump has indicated that Powell’s handling of an extensive renovation project on two Fed buildings in Washington could be grounds to take the unprecedented and possibly legally dubious step of firing him.

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FILE - Federal Reserve Board Chairman Jerome Powell listens during a Senate Committee on Banking hearing, June 25, 2025, on Capitol Hill in Washington. (AP Photo/Julia Demaree Nikhinson, File)

How Trump could use a building renovation to oust the Fed chair

July 15, 2025

President Donald Trump says he has finally found a way to achieve his goal of removing Federal Reserve Chair Jerome Powell, accusing him of mismanaging the U.S. central bank’s $2.5 billion renovation project. The push comes after a monthslong campaign by Trump to try to rid himself of the politically independent central banker. Powell has resisted the president’s calls to slash interest rates out of concerns about the administration’s tariffs sparking higher levels of inflation. But the president indicated Tuesday that Powell’s handling of an extensive renovation project on two Fed buildings in Washington could be grounds to take the unprecedented and possibly legally dubious step of firing him.

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