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Year: 2026

Powell reveals what it would take to step down from the Fed as pressure mounts

Powell reveals what it would take to step down from the Fed as pressure mounts

As political pressure and legal scrutiny intensify, Federal Reserve Chair Jerome Powell has made clear what would force him to step down. Powell, who holds one of the most influential posts in U.S. economic policymaking, has made clear he won’t step aside absent a legal violation. That stance is detailed in an excerpt from “Trillion Dollar Triage,” in which Wall Street Journal economic correspondent Nick Timiraos chronicles Powell’s measured public responses and more candid private reactions to Trump’s ongoing threats to fire him. A LOOK AT THE UNFOLDING BATTLE BETWEEN TRUMP AND POWELL OVER FED POLICY Powell’s commitment to the Fed, amid Trump’s mounting criticism, became apparent in 2019 during a House Committee on Financial Services hearing. When asked by California Democrat Rep. Maxine Waters what he would do if Trump fired him, Powell said he would continue to serve his four-year term. According to Timiraos, in private, Powell was more forthright about his determination to continue leading the world’s most influential central bank. “I will never, ever, ever leave this job voluntarily until my term ends under any circumstances. None, whatsoever,” Powell said. “You will not see me getting in the lifeboat,” he said, invoking a metaphor to signal his resolve to stay the course. “It doesn’t occur to me in the slightest that there would be any situation in which I would not complete my term other than dying,” Powell said, according to Timiraos. TRUMP CALLS FED CHAIR POWELL A ‘CLOWN’ AND SLAMS FED RENOVATION Powell’s long-standing insistence on finishing his term, which ends in May, now comes amid a Justice Department criminal investigation into his congressional testimony on the Federal Reserve’s headquarters renovation. Powell confirmed the investigation and said he respected the rule of law and congressional oversight, but described the action as “unprecedented” and driven by political pressure. “This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings,” Powell said in a video statement Sunday evening. “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,” he added. The White House referred questions to the Department of Justice. The Department of Justice did not immediately respond to Fox News Digital’s request for comment. FEDERAL RESERVE CHAIR POWELL UNDER CRIMINAL INVESTIGATION OVER HQ RENOVATION The project to update the Federal Reserve’s two main Washington, D.C., office buildings in the Foggy Bottom neighborhood is expected to cost $2.5 billion and is being paid for by the central bank, not taxpayers. The Fed funds its operations without congressional appropriations, drawing revenue primarily from interest on government securities and fees charged to financial institutions. In June 2025, Powell told members of the Senate Banking Committee that “There’s no new marble. There are no special elevators. They’re old elevators that have been there. There are no new water features. There are no beehives, and there’s no roof garden terraces.” Powell also told lawmakers that no one “wants to do a major renovation of a historic building during their term in office.” “We decided to take it on because, honestly, when I was the administrative governor, before I became chair, I came to understand how badly the Eccles Building really needed a serious renovation,” Powell said, adding that the building is “not really safe” and not waterproof. He also said that the cost overruns are due, in part, to unexpected construction challenges and the nation’s inflation rate. The project is expected to be completed in the fall of 2027, with Washington-based employees expected to begin working on the building in March 2028.

Trump pledges to uncover leftist groups countering ICE

President Donald Trump said that he believes the woman fatally shot by a U.S. Immigration and Customs Enforcement officer in Minneapolis last week may have been a professional agitator, and indicated that the government will uncover the funding sources behind such anti-law enforcement agitation. “The woman and her friend were highly disrespectful of law enforcement,” Trump said during a Sunday gaggle aboard Air Force One. “They were harassing,” he said, noting, “I think frankly, they’re professional agitators.” The president added that he would “like to find out, and we are gonna find out, who’s paying for it, with their brand-new signs, and all the different things.” “But these are professional agitators. And law enforcement should not be in a position where they have to put up with this stuff. What that woman, and what her friend, and what their other friends were doing to law enforcement — not just ICE — law enforcement, is outrageous,” he said. TRUMP DEFENDS ICE AGENT, SHOWS NYT REPORTERS VIDEO OF DEADLY MINNEAPOLIS SHOOTING The U.S. Department of Homeland Security retweeted a post in which Republican Rep. Lance Gooden of Texas asserted that anti-ICE protesters are being funded. CELLPHONE VIDEO RELEASED IN DEADLY MINNEAPOLIS ICE AGENT SHOOTING “The anti-ICE mobs are anything but organic. Dark money is bankrolling far-left groups like ICE Watch and lighting the fuse. Americans deserve to know who’s cutting the checks!” the lawmaker asserted in the post. A person “weaponized her vehicle” against law enforcement in Minneapolis, DHS announced last week. DHS DEPLOYING HUNDREDS MORE FEDERAL AGENTS TO MINNEAPOLIS, NOEM ANNOUNCES CLICK HERE TO GET THE FOX NEWS APP “This individual was impeding law enforcement and weaponized her vehicle against @ICEgov. The officer dutifully acted in self-defense,” DHS assistant secretary for public affairs Tricia McLaughlin noted in a post on X last week.

Trump’s Greenland push escalates as GOP lawmaker moves to make it America’s 51st state

Trump’s Greenland push escalates as GOP lawmaker moves to make it America’s 51st state

FIRST ON FOX: A House Republican is pushing for Greenland to become the country’s 51st state as President Donald Trump publicly pushes for the Danish territory to come under U.S. rule. Rep. Randy Fine, R-Fla., is introducing a bill on Monday aimed at authorizing Trump “to take such steps as may be necessary” to acquire Greenland and set it on the pathway of becoming part of the United States. “I think it is in the world’s interest for the United States to exert sovereignty over Greenland,” Fine told Fox News Digital in an interview.  “Congress would still have to choose to make it a state, but this would simply authorize the president to do what he’s doing and say the Congress stands behind him. And then it would expedite it into becoming a state, but it would still be up to Congress about whether to do that.” TOP CANADIAN OFFICIALS TO VISIT GREENLAND AMID INTERNATIONAL FEARS AS TRUMP EYES NATO-LINKED TERRITORY Secretary of State Marco Rubio said Wednesday that he would be meeting with officials from Denmark this week to discuss Greenland. Trump has publicly pushed for the idea of the U.S. buying the Arctic island territory since his first term in the White House. He and other Republican officials have pointed out its strategic importance, including Greenland’s proximity to Russia and the critical minerals located within its borders. GREENLAND LEADERS PUSH BACK ON TRUMP’S CALLS FOR US CONTROL OF THE ISLAND: ‘WE DON’T WANT TO BE AMERICANS’ Fine agreed with those points while also arguing U.S. rule would be better for those living in Greenland as well. “Their poverty rate is high. Denmark hasn’t treated them well,” Fine said. “When war came to town, Denmark couldn’t protect them. Guess who protected Greenland during World War II? We did.” And while a majority of Republicans have conceded they understand Trump’s argument for why owning Greenland would benefit the U.S., GOP lawmakers were somewhat rattled after White House press secretary Karoline Leavitt did not rule out using military force to acquire the island during a recent press conference this month. TRUMP SAYS GREENLAND’S DEFENSE IS ‘TWO DOG SLEDS’ AS HE PUSHES FOR US ACQUISITION OF TERRITORY Asked if he would support using military force, Fine said, “I think the best way to acquire Greenland is voluntarily.” “The poverty rate in Greenland is much, much higher than it is in Denmark. The country is run by socialists, and it is not in America’s interests to have a territory that large between the United States and Russia run by socialists,” Fine said. The U.S. Constitution grants Congress the power to admit new states into the Union. It typically requires Congress to pass a bill authorizing the new state after a territory is formed, after which that territory must draft a state constitution approved by people who live there. Congress must then vote again to admit that new state before it’s made final with the president’s signature.

Minnesota fraud scandal sparks push to scrutinize billions in Biden-era energy grants

Minnesota fraud scandal sparks push to scrutinize billions in Biden-era energy grants

FIRST ON FOX: As a sweeping fraud scandal grips Minnesota, a conservative energy watchdog is encouraging lawmakers to scrutinize billions of dollars in Department of Energy grants they say were rushed out the door in the final weeks of the Biden administration, warning that internal red flags were ignored and taxpayer money may have been exposed to waste and political favoritism. Power the Future founder and director Daniel Turner sent a letter to Republican Sen. Ron Johnson, chair of the Permanent Subcommittee on Investigations United States Senate, and Republican Rep. James Comer, chair of the House Committee on Oversight and Government Reform, Monday, calling on lawmakers to examine grants and loan guarantees approved under the Biden administration’s Department of Energy, Fox Digital learned.  “As allegations of widespread fraud among government programs in Minnesota rightly horrify the American taxpayer, on behalf of Power The Future, I write to request immediate congressional oversight of the Department of Energy (DOE) unprecedented grant and loan activity conducted during the final weeks of the Biden Administration,” Turner wrote.  The letter turned lawmakers’ direction to the final months of the Biden administration, when “former Secretary of Energy Jennifer Granholm authorized tens of billions of dollars in so-called ‘clean energy’ grants and loan guarantees, an amount that exceeds many years of prior Department activity,” according to the letter.   TREASURY SECRETARY ANNOUNCES CASH REWARDS FOR MINNESOTA FRAUD WHISTLEBLOWERS “These funds were rushed out the door, despite warnings from the DOE Inspector General that internal controls were insufficient and that the program should be paused pending further review,” the letter continued, pointing to a Department of Energy Inspector General report that recommended the department halt its $400 billion green bank over conflict of interest concerns.  “Those warnings were ignored,” the letter states. “The funds were distributed anyway.” Turner pointed to a Department of Energy’s Loan Programs Office granting roughly $710 million as part of a 12-state affordable energy initiative four days before President Donald Trump returned to the Oval Office.  The allocation to New Jersey was “followed closely by Secretary Granholm’s acceptance of a senior role overseeing energy policy for New Jersey governor-elect Mikie Sherrill. This troubling sequence of events raises legitimate questions about whether federal resources were deployed with political or personal considerations in mind rather than objective public interest,” the letter stated.  Sherrill appointed Granholm to co-lead an action team on “Making Energy More Affordable and Reliable” back in November after her gubernatorial election.  USDA IMMEDIATELY SUSPENDS ALL FEDERAL FUNDING TO MINNESOTA AMID FRAUD INVESTIGATION “This episode reflects a broader pattern increasingly familiar to the American people: oversight mechanisms function, red flags are raised, and yet taxpayer dollars are still lost, only for accountability to be discussed after the money is gone. Public confidence erodes when internal warnings are dismissed and transparency is treated as optional,” Turner wrote in his Monday letter.  Fox News Digital reached out to Sherrill’s transition team for comment regarding the letter, Granholm’s role and response from the former DOE chief, but did not immediately receive a reply. Fox Digital also reached out to Biden’s office for comment on the letter.  Climate change was a cornerstone of the Biden administration, with the then-president repeatedly casting it as an existential danger and “the single greatest existential threat to humanity. He argued his administration was correcting the ship on the climate through laws such as the Inflation Reduction Act’s sweeping clean energy tax credits and incentives, and cracking down on EPA rules aimed at cutting emissions from power plants and oil and gas, among other initiatives. Power the Future urged Congress to conduct a full accounting of all DOE grants and loan guarantees approved during the final six months of the Biden administration, review Inspector General findings that were overridden, and examine political or financial ties between grant recipients and senior DOE officials. “Congress must not allow these funds to vanish without answers,” Power The Future said, adding that taxpayers deserve transparency and accountability for how their money is spent. After returning to office, the Trump administration moved to halt and reassess Biden-era climate spending, with Trump signing a day-one order positioning the U.S. to “unleash” domestic energy and shift away from what the White House has framed as a “globalist climate agenda.” “Under the Biden Administration, green energy spending was sold to taxpayers as transparent, accountable, and carefully scrutinized,” Turner’s letter continued. “As the episode involving former Democratic gubernatorial candidate Stacey Abrams securing $2 billion dollars worth of grants reveals, this was not always the case. Instead, it increasingly appears to have operated as a shield for rushed, massive federal expenditures timed to avoid meaningful review and now embedded within state and political ecosystems.” BESSENT BLAMES WALZ AS TREASURY PROBES WHETHER MINNESOTA FRAUD FUNDS REACHED TERROR GROUP AL-SHABAB The Biden administration came under fire from Republicans following the IG report, using it like ammo to argue the Biden-era Loan Programs Office was pushing money out too fast without proper guardrails, while the Department of Energy discounted the 2024 IG report as based on “mistaken facts and misunderstanding of the law.” “LPO is in full compliance with both the Department’s conflict of interest rules and the Federal Acquistion Regulation (“FAR”),” the department wrote in a response letter at the time.  …. “Indeed, despite a months-long audit involving over one hundred contract files, OIG has not identified any organizational conflicts of interest.” Lawmakers and voters have taken a heightened interest in fraud as it relates to taxpayer funds as a sprawling COVID-era scheme involving money laundering came to light in Minnesota in the lead up to the holiday season. Investigators speculate the fraud could exceed $1 billion and rise to as high as $9 billion. Suspects arrested in the alleged schemes are mostly from the state’s large Somali community. “The large-scale fraud in Minnesota, where federal funds intended for public benefit were systematically abused despite warning signs, underscore the risks of allowing massive sums of taxpayer money to move with limited scrutiny. Just as