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 chair said the central bank has been threatened with a criminal indictment over his testimony about building renovations.

The U.S. Supreme Court has indicated that even if President Donald Trump can fire the heads of independent agencies, it may ensure there are protections to stop these powers applying to the Federal Reserve.

The chair of the Federal Reserve oversees the U.S. banking system and helps steer monetary policy. The chair's salary is set by the U.S. Congress.

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.

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 prosecutors have launched a criminal investigation into Federal Reserve chair Jerome Powell regarding the central bank’s renovation of its Washington headquarters, the top financial official said Sunday.