Trump defends DOJ probe of Fed Chair Jerome Powell amid criticism
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President Donald Trump insisted he “can’t help” the perception that there is conservative support behind the Justice Department’s targeting of Federal Reserve Chairman Jerome Powell and that it looks like political revenge.
Speaking with CBS News’ Tony Dokoupil on Tuesday, Trump was asked about the investigation into Powell, who is facing scrutiny for his congressional testimony last summer about the expensive overhaul of the Fed’s two main buildings on the National Mall.
Trump, who has been an outspoken critic of Powell, has previously said he had nothing to do with the launch of the investigation.
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President Donald Trump visits a Ford manufacturing facility in Dearborn, Michigan, USA, on January 13, 2026. (Reuters/Evelyn Hockstein)
“Even some prominent conservatives say this looks like political revenge,” Dokoupil said. he said.
“And some prominent conservatives love it, too; you should point that out, too,” Trump shot back. “As you get older in this business, you gain influence on the other side. People like it, they don’t like it.”
Trump called Powell a “terrible” Fed chairman who kept “interest rates too high.” He also insisted that he could fix the Fed buildings for “$25 million.”
“He’s interested in billions and billions of dollars, and they don’t look like they’re going to be opened for a long time. And he’s either corrupt or incompetent,” Trump said.
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President Donald Trump told “CBS Evening News” host Tony Dokoupil that his administration will take “very strong action” against Iran if the regime begins hanging protesters. (Screenshot/CBS News)
“You’re right about corruption or incompetence, which some prominent conservatives criticize – I’ll take your word for it that others are not,” Dokoupil said. he said.
“You don’t have to take my word for it,” Trump interjected. “What you have to do is go out and interview some people and you will find out.”
“But to this direct question about political revenge, what does that look like, sir, what is your answer?” he asked.
“I can’t help how it looks,” Trump said, before praising his economic accomplishments.
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Federal Reserve Chairman Jerome Powell speaks at the Federal Reserve on Wednesday, December 10, 2025, in Washington. (Jacquelyn Martin/AP Photo)
Many GOP lawmakers have expressed concerns about the upcoming Powell investigation, including Trump allies such as Sen. Kevin Cramer, R-D., who said he did not believe Powell was a criminal and that the Justice Department investigation should be “quickly stopped.”
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