65 Million People Have Watched This Video Of The Federal Reserve Chair Standing Up To Trump

On Sunday, Federal Reserve Chair Jerome Powell posted a video that's got a lot of people talking.

In the video, Powell said that the Justice Department had sent subpoenas to the central bank and threatened him with a criminal indictment. Powell sees this threat as an escalation in President Donald Trump's yearlong effort to pressure the Fed into lowering interest rates.

Trump says he wants to lower interest rates to reduce the amount of interest due on the national debt. When interest rates fall, the cost of borrowing money goes down. However, economists warn that, historically, lowering interest rates in these kinds of conditions typically drives inflation up.

With all that said, here's a full transcript of Powell's comments in the video:

"Good evening.

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. That testimony concerned in part a multi-year project to renovate historic Federal Reserve office buildings.

I have deep respect for the rule of law and for accountability in our democracy. No one — certainly not the chair of the Federal Reserve — is above the law. But this unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure.

This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings. It is not about Congress's oversight role; the Fed through testimony and other public disclosures made every effort to keep Congress informed about the renovation project. Those are pretexts. 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.

This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions — or whether instead monetary policy will be directed by political pressure or intimidation.

I have served at the Federal Reserve under four administrations, Republicans and Democrats alike. In every case, I have carried out my duties without political fear or favor, focused solely on our mandate of price stability and maximum employment. Public service sometimes requires standing firm in the face of threats. I will continue to do the job the Senate confirmed me to do, with integrity and a commitment to serving the American people.

Thank you."

And here's the video:

Video message from Federal Reserve Chair Jerome H. Powell: https://t.co/5dfrkByGyX pic.twitter.com/O4ecNaYaGH
— Federal Reserve (@federalreserve) January 12, 2026

federalreserve / Via Twitter: @federalreserve

For what it's worth, Trump has denied any knowledge of the Justice Department's actions against Powell. He told NBC News, "I don’t know anything about it, but he’s certainly not very good at the Fed, and he’s not very good at building buildings."

This isn't the first time Trump has publicly swiped at Powell. Back in July, the president said he was "surprised" Powell had been appointed to his position at the Fed and blamed it on his predecessor Joe Biden. In an awkward twist, it turned out that Trump was the one who appointed Powell back in his first term.

As of this writing, Powell's video has been viewed over 65 million times on X, and people have a lot to say about what it means for the US.

Many people are outraged.

And others think that the Federal Reserve Chair feeling the need to make a statement like this is a big sign that things aren't going so great in America.

One person tweeted, "Turns out the last line of defense against authoritarian pressure is a mild-mannered former investment banker armed with spreadsheets."

And others are just glad to see someone standing up to Trump.