Tag: associated press washington

Federal Reserve Chair Powell says DOJ has subpoenaed central bank, threatens criminal indictment

By CHRISTOPHER RUGABER, Associated Press

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell said Sunday that the Department of Justice has served the central bank with subpoenas and threatened it with a criminal indictment over his testimony about the Fed’s building renovations.

The move represents an unprecedented escalation in President Donald Trump’s battle with the Fed, an independent agency he has repeatedly attacked for not cutting its key interest rate as quickly as he prefers.

The subpoena relates to Powell’s testimony before the Senate Banking Committee in June regarding the Fed’s $2.5 billion renovation of two office buildings — a project that Trump criticized as excessive this summer.

In a video statement, Powell said the threat of criminal charges is a “pretext” to undermine the Fed’s independence when it comes to setting interest rates.

“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,” Powell said.

The Justice Department, in a statement Sunday, said it could not comment on any particular case but added that Attorney General Pam Bondi “has instructed her US Attorneys to prioritize investigating any abuse of taxpayer dollars.”

A spokesperson for U.S. Attorney Jeanine Pirro’s office did not immediately respond Sunday to requests for comment.

The potential indictment has already drawn concern from one Republican senator, who said he will oppose any future nominee to the central bank — including any replacement for Powell — until “this legal matter is fully resolved.”

“If there were any remaining doubt whether advisers within the Trump Administration are actively pushing to end the independence of the Federal Reserve, there should now be none,” said North Carolina Sen. Thom Tillis, who sits on the Banking Committee, which oversees Fed nominations. “It is now the independence and credibility of the Department of Justice that are in question.”

Associated Press writers Seung Min Kim, Eric Tucker, and Alanna Durkin Richer contributed to this report.
https://www.orovillemr.com/2026/01/11/federal-reserve-powell-subpoena/

Trump heads to Miami to speak about his economic agenda on the anniversary of his election win

By SEUNG MIN KIM, Associated Press

WASHINGTON (AP) — President Donald Trump is heading to Miami on Wednesday, the anniversary of his reelection to a second term, to speak to a forum of business leaders and global athletes about what he sees as his economic achievements.

His speech to the American Business Forum will provide a broad look at his economic agenda and highlight how investments he has secured abroad are benefiting U.S. communities, according to a senior White House official. This marks a significant effort from Trump to put a positive spin on the economy, especially at a time when Americans remain uneasy about their finances and the cost of living. Many of Tuesday’s election campaigns were centered on issues of affordability and economic stability.

The AP Voter Poll, which surveyed more than 17,000 voters in New Jersey, Virginia, California, and New York City, indicated that the public is concerned about higher prices and fewer job opportunities. These worries persist despite Trump’s promises to tame inflation and spur growth.

In his speech, Trump is expected to address key issues including deregulation, energy independence, oil prices, and affordability, according to the senior White House official, who spoke on condition of anonymity to preview the president’s remarks.

Last week, Trump spent five days in Asia with stops in Malaysia, Japan, and South Korea, working to ease trade tensions with Beijing in a meeting with Chinese leader Xi Jinping. In Tokyo, he advocated for several major energy and tech projects that Japan will help fund for the U.S.

Miami Mayor Francis Suarez said he believes Trump’s recent travels “have been transformational in his presidency” and described the upcoming speech as a highlight of the forum. Organizers have characterized the event as a more accessible version of high-profile gatherings like the World Economic Forum in Davos, Switzerland, or the Milken Institute Global Conference, which convene the world’s elite for discussions on the economy.

“This conference not only is creating this incredible collection of people, but it’s also creating them in a particular moment in time,” said Suarez, a Republican.

Trump’s visit also underscores Miami’s growing influence during his second term. Next year, Trump is set to host leaders from the world’s leading rich and developing economies at the Group of 20 summit, to be held at his golf club in the nearby city of Doral. This decision has sparked criticism over the potential appearance of impropriety, though Trump has maintained that his family’s business will not profit from hosting the summit.

Trump’s sons are currently running the Trump Organization while their father is in office. The president has also stated that his family’s business will not make any money by holding the summit at the golf club.

Miami is also where Trump hopes to locate his future presidential library, although a legal challenge is underway regarding whether a plot of land in downtown Miami is being properly transferred for this purpose.

Additionally, Miami is one of the U.S. host cities for next year’s World Cup—an event the president has eagerly promoted as the kickoff to several major global sporting events that the U.S. will host. Ensuring the success of the World Cup has become a top priority for the Trump administration.
https://www.bostonherald.com/2025/11/05/trump-miami/

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