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Khanna backs Powell amid Trump intimidation claims
Federal Reserve Chair Jerome H. Powell claimed he was targeted for ensuring the Federal Reserve’s independence and the nation’s economic security.
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Jeffin T. Kaleekal - Mon, 12, Jan 2026
- 02:04 EST
- 5
Ro Khanna and Jerome H. Powell / Wikimedia commons
Congressman Ro Khanna expressed support for Federal Reserve Chair Jerome H. Powell after the latter leveled allegations of intimidation by the Donald Trump administration over interest rate decisions.
Powell, in a video message, reacted to grand jury subpoenas sent by the Department of Justice, which he said threatened criminal indictment related to his testimony before the Senate Banking Committee in June. He had been called to testify about the renovation of the historic Federal Reserve office buildings.
However, Powell alleged, “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.”
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He added, “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.”
Khanna shared the Federal Reserve video featuring Powell and declared, “I stand with Jerome Powell and an independent Fed.”
Registering his protest, Rep. Khanna said, “Threatening criminal action against a Fed chair because he refuses to do the president’s bidding on interest rates undermines the rule of law, which is the very foundation for American prosperity.”
Trump, who has long urged the central bank to slash interest rates to spur further economic growth, has previously called Powell “a stiff” and criticized what he described as a “rather small” rate cut after the Fed reduced rates by 25 basis points, a move Trump said should have been doubled.
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