Business Rundown: Fed Chair On Hot Seat, As Criminal Probe Rocks the Federal Reserve

The Fox News Rundown

FOX News Podcasts

Daily News, News, Politics

3.4 • 1.7K Ratings

🗓️ 12 January 2026

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

In a video released Sunday evening, Federal Reserve Chair Jerome Powell announced that he is under investigation by the Justice Department over his testimony last year about the Fed’s building renovation project. Powell says the central bank has received grand jury subpoenas. He defended the renovations at the center of the criminal probe and denied any wrongdoing. He also claimed he is being targeted for not aligning with President Trump’s preference for cutting interest rates. The president, who has been a public critic of Powell and his policies, says he had no knowledge of the investigation. Critics say this places the administration under scrutiny. This bombshell comes just as President Trump says he is winding down his search for the next Federal Reserve chair. Gary Kaltbaum, the president of Kaltbaum Capital Management and a Fox Business contributor, joins FOX Business Network's Lydia to react to the news of the criminal probe and the buzz among investors as they wait to see who the next Fed chair may be. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Why do growing businesses love working in Slack?
0:02.8	Let's ask Christia Ari Bikes.
0:04.6	Running things in Slack saves me so much time.
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0:10.4	What say you?
0:11.4	Rocks from Gosney.
0:12.4	Slack helps us build community.
0:13.9	It helps us build connection.
0:15.2	Your partners, vendors and customers all in one place.
0:18.3	Take us on home, Ashley from Carraway.
0:20.2	If we did have Slack tomorrow, I would explode.
0:23.4	Well, let's not let that happen.
0:25.1	Visit Slack.com slash podcast to get 50% of Slack Business Plus.
0:30.0	I'm Lydia Who, and this is the Fox Business Rundown.
0:41.3	Monday, January 12th, 2026. The Fed chair finds himself on the hot seat.
0:45.3	Jerome Powell says he is now the center of a criminal probe by federal investigators.
0:51.3	I'm a big believer that if I was Jay Powell and the president asked you to go
0:55.8	bye-bye months and months ago, I would have probably stepped down. Why? It's the head honcho,
1:01.1	top dog big cheese. The big worry for me is that the president's going to put in people that
1:07.1	are just going to do exactly what he wants. In a video released Sunday evening, Federal Reserve Chair Jerome Powell announced he is being investigated by the Justice Department over his testimony last year regarding the Fed's building renovation project.
1:21.6	Powell, who says the central bank has received grand jury subpoenas, defended the renovations at the center of the
1:29.2	probe, and denied any wrongdoing. He also claimed he is being targeted for not abiding by
	...

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