Investigating the Federal Reserve: Kevin Hassett & Sen. Mark Warner 1/12/26

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2 • 543 Ratings

🗓️ 12 January 2026

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

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Summary

Federal prosecutors are conducting a criminal investigation of Federal Reserve Chair Jerome Powell focused on the Fed’s building renovation and Powell’s related testimony. CNBC’s Eamon Javers reports on the investigation and Jay Powell’s statement that the probe is related to President Trump’s frustration with the Fed’s monetary policy. One of the front runners as Powell’s replacement Kevin Hassett, currently director of the National Economic Council, weighs in on the news and discusses the independence of the Federal Reserve. Senator Mark Warner (D-Virginia) shares his perspective on the investigation, immigration enforcement around the country, and President Trump’s proposed cap on credit card interest rates. Eamon Javers - 2:40 Kevin Hassett - 26:11 Sen. Mark Warner - 37:47 In this episode: Mark Warner, @MarkWarner Eamon Javers, @eamonjavers Becky Quick, @BeckyQuick Joe Kernen, @JoeSquawk Andrew Ross Sorkin, @andrewrsorkin Katie Kramer, @Kramer_Katie

Transcript

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0:00.0	Bring in show music, please.
0:03.0	Hi, I'm CNBC producer Katie Kramer.
0:07.0	Today on Squawk Pod.
0:09.0	A potential criminal investigation into Federal Reserve Chair Jay Powell,
0:14.0	somewhat about cost overruns on the renovations at FedHQ,
0:18.0	maybe about his relationship with the president.
0:21.6	Our Eamon Javers reporting.
0:23.5	It doesn't seem like this confrontation is going to end anytime soon with Powell capitulating here.
0:28.3	And the man who may get Jay Powell's job, Kevin Hassett, now a top economic advisor to President
0:33.4	Trump.
0:34.3	I respect the independence of the Fed and the independence of the Justice Department and we'll see how it goes.
0:39.3	On the inquiry and where economic and monetary policy go from here.
0:44.3	What really happens with my life here in the White House is I come in every day and I do my job.
0:50.3	And I'll do that tomorrow. I'm doing it today.
0:52.3	Plus, Democratic Senator Mark Warner.
0:55.0	He's on the committee that will confirm the next Fed chair.
0:58.0	He weighs in on this headline and other issues from Venezuelan oil to the immigration battles taking place in our cities.
1:05.0	Secure the border, absolutely.
1:07.0	Have masked ice agents picking up moms, dropping off kids or folks going to work. I don't think that's what the American people signed up for.
1:12.6	And now we've got this split in city after city across America.
1:17.6	It is Monday, January 12th, 2026.
1:21.6	Squawk Pod begins right now.
	...

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