A Justice Department probe of the Federal Reserve marks the latest escalation in the Trump administration's effort to bend the independent central bank to the president's will.

Sen. Lisa Murkowski said the investigation is "nothing more than an attempt at coercion," while House Financial Services Committee Chair French Hill warned it would create "an unnecessary distraction.

The Federal Reserve has several tools to manage the money supply and keep the economy running smoothly. Learn how the central bank sets monetary policy.

Federal Reserve independence under fire as Justice Department issues grand jury subpoenas tied to alleged cost overruns and Chair Powell’s congressional testimony.

President Donald Trump denied that he was involved in the Justice Department's decision to subpoena the Federal Reserve. Chair Jerome Powell said the Federal Reserve was being targeted for making decisions that “serve the public" rather than the president’s “preferences.

The Department of Justice’s threat to criminally indict Federal Reserve Chair Jerome Powell has set up a tense showdown between the White House and the U.S. central bank, with Powell saying the subpoenas that arrived on Friday are intended to force him to follow President Donald Trump’s orders.

Jamie Dimon says pressure on chair Jerome Powell could ultimately increase interest rates

Showdown at the Federal Reserve’ Katie Martin Here’s Jerome Powell, chair of the Federal Reserve, speaking on Sunday night. Jerome Powell voice clip On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas threatening a criminal indictment related to my testimony before the Senate Banking Committee last June.