Hi there. Welcome to Meet the Press Now.

I'm Ryan Nobles in Washington, where the Trump administration is plunging American politics, the legal system, and the economy into uncharted waters by opening a criminal investigation into

Federal Reserve Chair Jerome Powell, as President Trump tries to exert control over the

independent central bank, with Americans souring on his handling of the economy ahead of the midterms.

The Fed chair announcing late yesterday that the Justice Department subpoenaed

the agency on Friday as part of an investigation into testimony he gave to Congress last year

about renovations to the Federal Reserve's headquarters, which have run hundreds of millions

of dollars over budget. A defiant Powell pushing back against any allegations of wrongdoing and accusing the

Trump administration of an attempted shakedown. I have deep respect for the rule of law and for

accountability in our democracy. No one, certainly not the chair of the Federal Reserve, is above the

law. But this unprecedented action should be seen in the broader

context of the administration's threats and ongoing pressure. This new threat is not about

my testimony last June or about the renovation of the Federal Reserve buildings. 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.

President Trump criticizing Powell and denying he had any knowledge of the investigation

in an exclusive interview with NBC News, telling my colleague Garrett Hake,

I don't know anything about the DOJ's investigation into the Federal Reserve,

but he's certainly not very good at the Fed, and he's not very good at building buildings.

The president, however, has made it abundantly clear that he believes Paul should be investigated,

even threatening civil litigation against him just two weeks ago. We're thinking about bringing a suit against Powell for incompetence, because think of it,

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