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President Donald Trump insisted there’s conservative support behind the DOJ targeting Federal Reserve Chair Jerome Powell and that he “can’t help” the perception that it looks like political retribution.
Speaking with CBS News’ Tony Dokoupil on Tuesday, Trump was asked about the probe into Powell, who is facing scrutiny over congressional testimony he gave last summer about the pricey overhaul of the Fed’s two main buildings on the National Mall.
Trump, an outspoken critic of Powell, previously said he had nothing to do with the launch of the investigation.
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President Donald Trump visits a Ford production center in Dearborn, Michigan, U.S., January 13, 2026. (Reuters/Evelyn Hockstein)
“Even some prominent conservatives say it looks like political retribution,” Dokoupil said.
“And some prominent conservatives also love it — you have to mention that, too,” Trump fired back. “As you grow older in this business, you have the mention the other side. More people like it than not.”
Trump went on to call Powell a “lousy” Fed chair who’s been “too high on interest rates.” He also insisted he could’ve fixed the Fed buildings for “$25 million.”
“He’s into billions and billions of dollars, and it looks like they won’t open for a long time. And he’s either corrupt or incompetent,” Trump said.
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President Donald Trump tells “CBS Evening News” anchor Tony Dokoupil his administration will take “very strong action” against Iran if the regime begins hanging protesters. (Screenshot/CBS News)
“On the question of corrupt or incompetent, you’re right, some prominent conservatives are criticizing this — I’ll take your word that others are not,” Dokoupil said.
“You don’t have to take my word,” Trump interjected. “What you should do is go out and interview some people and you’ll find out.”
“But on this direct question about political retribution, what it looks like, sir, what’s your response?” the anchor asked.
“I can’t help what it looks like,” Trump responded before touting his accomplishments on the economy.
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Federal Reserve Chair Jerome Powell speaks at the Federal Reserve, Wednesday, Dec. 10, 2025, in Washington. (Jacquelyn Martin/AP Photo)
Several GOP lawmakers have expressed concern about the looming Powell probe including Trump’s allies like Sen. Kevin Cramer, R-N.D., who said he doesn’t believe Powell is a criminal and that the DOJ investigation should be “put to rest quickly.”
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