The Trump administration’s criminal investigation of Federal Reserve Chair Jerome Powell appeared on Monday to be emboldening defenders of the U.S. central bank against the efforts of President

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.

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

"The Department of Justice served the Federal Reserve with grand jury subpoenas," Federal Reserve Chair Jerome Powell said on Jan. 11.

"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,

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 subpoe