Can Trump Cow Powell?

January 15, 2026·1 hr 3 min·6 clips

Trump's criminal subpoena of Fed Chair Powell is an unprecedented attempt to bully the Federal Reserve into submission.

This episode of the Slate Political Gabfest, hosted by David Plotz, Emily Bazelon, and John Dickerson, examines President Trump's unprecedented pressure on Federal Reserve Chair Jerome Powell and escalating federal actions in Minnesota. The hosts analyze Trump's potential motives for targeting Powell, including a desire for lower interest rates to stimulate the economy and a pattern of finding political scapegoats. They detail the criminal subpoena issued to Powell by U.S. Attorney Jeanine Pirro over Fed building renovation cost overruns, which Powell denounced in a video as a pretext to bully the Fed. Markets have reacted minimally, with an underlying belief that the Fed's independence is protected by the potential for severe financial backlash. The discussion notes Senator Kevin Cramer's suggestion that Powell resigning would be "elegant," while Senator Thom Tillis has threatened to block Trump nominees unless the case is dropped. A surprising insight is Powell's unusually blunt video statement, where he directly accused the investigation of being politically motivated to influence policy. The hosts explore a paradox where Trump's actions may backfire by hardening Powell's resolve and creating Senate obstacles, yet still achieve a chilling effect on future Fed appointments. They connect this to a broader pattern of Trump using legal threats against institutions, from universities to law firms. The conversation shifts to the killing of Rene Good by an ICE agent in Minnesota, with the administration labeling Good a "domestic terrorist" and federal authorities seizing the investigation from local officials. Federal agents are surging into the Twin Cities, focusing on immigrant communities and investigating Good's wife and activist groups rather than the shooting officer. Trump has threatened to invoke the Insurrection Act if state officials resist federal actions, inverting normal accountability structures. The hosts describe a dangerous dynamic where masked, heavily armed ICE agents operate with impunity, treating civilians as an enemy to please a segment of the Republican base. They argue the real harm lies in the investigative harassment itself, regardless of whether convictions ever occur, undermining public trust in justice. The tone is analytical and deeply concerned, blending policy examination with moral alarm over institutional norms being shattered. Listeners interested in the mechanics of political pressure on independent agencies and the real-world consequences of presidential rhetoric will find this compelling. Those seeking light political commentary or avoidant of distressing discussions about state power may wish to skip.

As heard by us

A stern Gabfest ties Fed pressure, ICE accountability, and election trust to the same democratic stress test.

Political Gabfest puts a grim week under one question: what happens when pressure from the presidency starts to warp the systems meant to restrain it.

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Why you'd press play

If you want a sharp, grown-up conversation about Trump, Powell, Minnesota, and election trust, press play.

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