What happens if the Fed loses its independence?

The Trump Justice Department has subpoenaed the Federal Reserve for information related to its multibillion-dollar renovation of the Fed's headquarters in Washington.The move comes on the heels of months of President Donald Trump trying to influence Federal Reserve Chairman Jerome Powell to lower interest rates.And while he told NBC News he doesn’t know anything about the Department of Justice investigations, members of Congress, including some Republicans, say they’re concerned the independence of the Federal Reserve is now at risk.The Federal Reserve decides monetary policy across the United States. Its decisions help shape the global economy. What happens if that independence is threatened?  President Trump has been trying to influence Federal Reserve policy, since his first term.For sponsor-free episodes of Consider This, sign up for Consider This+ via Apple Podcasts or at plus.npr.org. Email us at [email protected] episode was produced by Henry Larson. Audio engineering by Ted Mebane.It was edited by Courtney Dorning and John Ketchum.Our executive producer is Sami Yenigun.See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences.NPR Privacy Policy