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Russia releases imprisoned American Marc Fogel in what US calls a step toward the end of Ukraine war

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Russia releases imprisoned American Marc Fogel in what US calls a step toward the end of Ukraine war
News

News

Russia releases imprisoned American Marc Fogel in what US calls a step toward the end of Ukraine war

2025-02-12 22:31 Last Updated At:22:41

WASHINGTON (AP) — Marc Fogel, an American history teacher who was deemed wrongfully detained by Russia, has been released and returned to the U.S. in what the White House described as a diplomatic thaw that could advance negotiations to end the war in Ukraine.

The Kremlin said Wednesday that a Russian citizen was freed in the United States in exchange for Moscow’s release of American Marc Fogel, but it refused to identify him until he arrives in Russia “in the coming days.”

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Steve Witkoff watches as Secretary of State Marco Rubio applauds as President Donald Trump, accompanied by Marc Fogel, speak in the Diplomatic Reception Room at the White House, Tuesday, Feb. 11, 2025, in Washington. (Photo/Alex Brandon)

Steve Witkoff watches as Secretary of State Marco Rubio applauds as President Donald Trump, accompanied by Marc Fogel, speak in the Diplomatic Reception Room at the White House, Tuesday, Feb. 11, 2025, in Washington. (Photo/Alex Brandon)

Marc Fogel holds an Iron City Beer as he speaks in the Diplomatic Reception Room at the White House with President Donald Trump, Tuesday, Feb. 11, 2025, in Washington. (Photo/Alex Brandon)

Marc Fogel holds an Iron City Beer as he speaks in the Diplomatic Reception Room at the White House with President Donald Trump, Tuesday, Feb. 11, 2025, in Washington. (Photo/Alex Brandon)

President Donald Trump, accompanied by Marc Fogel, speaks in the Diplomatic Reception Room at the White House, Tuesday, Feb. 11, 2025, in Washington. (Photo/Alex Brandon)

President Donald Trump, accompanied by Marc Fogel, speaks in the Diplomatic Reception Room at the White House, Tuesday, Feb. 11, 2025, in Washington. (Photo/Alex Brandon)

President Donald Trump, accompanied by Marc Fogel, speaks in the Diplomatic Reception Room at the White House, Tuesday, Feb. 11, 2025, in Washington. (Photo/Alex Brandon)

President Donald Trump, accompanied by Marc Fogel, speaks in the Diplomatic Reception Room at the White House, Tuesday, Feb. 11, 2025, in Washington. (Photo/Alex Brandon)

President Donald Trump greets Marc Fogel at on the South Lawn at the White House, Tuesday, Feb. 11, 2025, in Washington. (AP Photo/Evan Vucci)

President Donald Trump greets Marc Fogel at on the South Lawn at the White House, Tuesday, Feb. 11, 2025, in Washington. (AP Photo/Evan Vucci)

President Donald Trump greets Marc Fogel at on the South Lawn at the White House, Tuesday, Feb. 11, 2025, in Washington. (AP Photo/Evan Vucci)

President Donald Trump greets Marc Fogel at on the South Lawn at the White House, Tuesday, Feb. 11, 2025, in Washington. (AP Photo/Evan Vucci)

Media film in front of Malphine Fogel's home after a press conference about her son, Marc Fogel, who was a Russian detainee for three and a half years and is now on his way home, Tuesday, Feb. 11, 2025, in Butler, Pa. (Benjamin B. Braun/Pittsburgh Post-Gazette via AP)

Media film in front of Malphine Fogel's home after a press conference about her son, Marc Fogel, who was a Russian detainee for three and a half years and is now on his way home, Tuesday, Feb. 11, 2025, in Butler, Pa. (Benjamin B. Braun/Pittsburgh Post-Gazette via AP)

Malphine Fogel, 95, sits with Sasha Phillips, not pictured, Counsel with Dentons Cohen & Grigsby, as they talk during a press conference on her son, Marc Fogel, who was a Russian detainee for three and a half years and is now on his way home, Tuesday, Feb. 11, 2025, in Butler, Pa. (Benjamin B. Braun/Pittsburgh Post-Gazette via AP)

Malphine Fogel, 95, sits with Sasha Phillips, not pictured, Counsel with Dentons Cohen & Grigsby, as they talk during a press conference on her son, Marc Fogel, who was a Russian detainee for three and a half years and is now on his way home, Tuesday, Feb. 11, 2025, in Butler, Pa. (Benjamin B. Braun/Pittsburgh Post-Gazette via AP)

Malphine Fogel, 95, left, sits with Sasha Phillips, Counsel with Dentons Cohen & Grigsby, as they talk during a press conference about her son, Marc Fogel, who was a Russian detainee for three and a half years and is now on his way home, Tuesday, Feb. 11, 2025, in Butler, Pa. (Benjamin B. Braun/Pittsburgh Post-Gazette via AP)

Malphine Fogel, 95, left, sits with Sasha Phillips, Counsel with Dentons Cohen & Grigsby, as they talk during a press conference about her son, Marc Fogel, who was a Russian detainee for three and a half years and is now on his way home, Tuesday, Feb. 11, 2025, in Butler, Pa. (Benjamin B. Braun/Pittsburgh Post-Gazette via AP)

Malphine Fogel, 95, talks with Sasha Phillips, not pictured, Counsel with Dentons Cohen & Grigsby, during a press conference on her son, Marc Fogel, who was a Russian detainee for three and a half years and is now on his way home Tuesday, Feb. 11, 2025, in Butler, Pa. (Benjamin B. Braun/Pittsburgh Post-Gazette via AP)

Malphine Fogel, 95, talks with Sasha Phillips, not pictured, Counsel with Dentons Cohen & Grigsby, during a press conference on her son, Marc Fogel, who was a Russian detainee for three and a half years and is now on his way home Tuesday, Feb. 11, 2025, in Butler, Pa. (Benjamin B. Braun/Pittsburgh Post-Gazette via AP)

President Donald Trump speaks during a meeting with Jordan's King Abdullah II in the Oval Office at the White House, Tuesday, Feb. 11, 2025, in Washington. (Photo/Alex Brandon)

President Donald Trump speaks during a meeting with Jordan's King Abdullah II in the Oval Office at the White House, Tuesday, Feb. 11, 2025, in Washington. (Photo/Alex Brandon)

FILE - Family members, friends and colleagues of Marc Fogel, who has been detained in Russia since August 2021, rally for his release outside of the White House, July 15, 2023, in Washington. (AP Photo/Stephanie Scarbrough, File)

FILE - Family members, friends and colleagues of Marc Fogel, who has been detained in Russia since August 2021, rally for his release outside of the White House, July 15, 2023, in Washington. (AP Photo/Stephanie Scarbrough, File)

FILE - Ellen Keelan, center, and other family members rally outside the White House for the release of Marc Fogel, who has been detained in Russia since August 2021, July 15, 2023, in Washington. (AP Photo/Stephanie Scarbrough, File)

FILE - Ellen Keelan, center, and other family members rally outside the White House for the release of Marc Fogel, who has been detained in Russia since August 2021, July 15, 2023, in Washington. (AP Photo/Stephanie Scarbrough, File)

FILE - A drawn portrait of Marc Fogel, who has been detained in Russia since August 2021, hangs on rails outside of the White House during a demonstration organized by his family, July 15, 2023, in Washington. (AP Photo/Stephanie Scarbrough, File)

FILE - A drawn portrait of Marc Fogel, who has been detained in Russia since August 2021, hangs on rails outside of the White House during a demonstration organized by his family, July 15, 2023, in Washington. (AP Photo/Stephanie Scarbrough, File)

Steve Witkoff, a special envoy for President Donald Trump, left Russia with Fogel and brought him to the White House late Tuesday, and Trump welcomed him home.

“I feel like the luckiest man on Earth right now,” Fogel said as he stood next to Trump with an American flag draped around his shoulders.

Fogel, who is from Pennsylvania, has spoken with his wife, his two children and his 95-year-old mother, Witkoff said at the White House on Wednesday. He declined to disclose Fogel's whereabouts.

Fogel also was shown the famous Lincoln Bedroom, a second-floor room in the White House once used as an office by President Abraham Lincoln. A handwritten copy of the Gettysburg Address, signed by Lincoln, is displayed on a desk in a corner of the room.

Trump said another American, someone “very special,” would be released on Wednesday, though he declined to name the person or say from what country.

The president declined to say if he spoke to Russian President Vladimir Putin about Fogel, but Fogel praised the Russian leader as “very generous and statesmanlike in granting me a pardon.”

Asked about the terms of the deal, Trump said: “Very fair, very, very fair, very reasonable. Not like deals you’ve seen over the years. They were very fair.”

He did not say what the United States exchanged for Fogel’s release.

Witkoff on Wednesday gave some of the credit to Mohammed bin Salman, saying Saudi Arabia’s crown prince was “instrumental” in the negotiations.

“He has a very strong friendship with President Trump, and, behind the scenes, he was encouraging and pushing and looking for the right result. It was helpful, it really was," Witkoff said.

Asked if the crown prince was pushing the Russians, Witkoff said he was more of a “cheerleader.”

“He was a cheerleader for this rapprochement where the two leaders would come together, and that’s what happened, so thank God," Witkoff said. "Sometimes you don’t get a good result. Here we got a very good result. Mark Fogel is the evidence of that.”

Fogel was arrested in August 2021 and was serving a 14-year prison sentence. His family and supporters said he had been traveling with medically prescribed marijuana, and he was designated by President Joe Biden’s administration as wrongfully detained in December.

Michael Waltz, Trump's national security adviser, said the U.S. and Russia “negotiated an exchange” to ensure Fogel's release. He did not say what the U.S. side of the bargain entailed. Previous negotiations have occasionally involved reciprocal releases of Russians by the U.S. or its allies.

Waltz said the development was “a sign we are moving in the right direction to end the brutal and terrible war in Ukraine.” Trump, a Republican, has promised to find a way to end the conflict.

Trump also has talked about having a good relationship with Putin, who launched a full-scale invasion of Ukraine in 2022. Last month, Trump said his administration was having “very serious” conversations with Russia about the war.

Speaking to reporters at the White House earlier Tuesday, Trump said, “We were treated very nicely by Russia, actually. I hope that's the beginning of a relationship where we can end that war.”

Asked whether the U.S. had given up anything in return, Trump replied “not much” but did not elaborate.

Fogel's relatives said they were “beyond grateful, relieved and overwhelmed” that he was coming home.

“This has been the darkest and most painful period of our lives, but today, we begin to heal,” they said. "For the first time in years, our family can look forward to the future with hope.”

The U.S., Russia and other nations carried out a large prisoner swap in August that resulted in the release of Wall Street Journal reporter Evan Gershkovich and American corporate security executive Paul Whelan, among others.

But that deal left out numerous other Americans jailed in Russia, including Fogel. Some omitted then were also not included in Tuesday’s release, including several who have had major milestones in their cases since then.

Among them is U.S.-Russian dual national Ksenia Khavana, who was convicted of treason in a Russian court shortly after last August’s prisoner swap and sentenced to 12 years in prison on charges stemming from a donation of about $52 to a charity aiding Ukraine. John Kirby, a national security spokesman at the Biden White House at that time, called the conviction and sentencing “nothing less than vindictive cruelty.”

Last October, American Robert Gilman was sentenced to more than seven years in prison in Russia for allegedly assaulting law enforcement officers while serving a sentence for another assault, while American Stephen Hubbard was sentenced to prison in a closed trial for allegedly fighting as a mercenary in Ukraine.

As the Russia-Ukraine war nears the end of its third year, Trump's plan for securing an end to the conflict remains unclear, though he has said that both sides will need to make concessions and suggested that Ukraine would have to accept the loss of at least some territory.

Fogel’s release and Trump’s announcement that he will send Treasury Secretary Scott Bessent to Kyiv for talks with Ukraine’s leaders could signal that plans may be beginning to take shape.

Vice President JD Vance, Secretary of State Marco Rubio and Trump’s special envoy for Russia and Ukraine, retired Gen. Keith Kellogg, all later this week will attend the Munich Security Conference, where the situation in Ukraine will be a major topic of discussion.

Kellogg told The Associated Press on Monday that he and the others would be talking to European officials about the very broad outlines of what Trump would like to see and gauging their interest.

“We will deliver our expectation to the allies,” Kellogg said. “When we come back from Munich — we want to deliver to the president the options, so when he does get (directly) involved in the peace process, he knows what it will look like for him.”

Associated Press writers Josh Boak, Michelle L. Price, Darlene Superville and AP Diplomatic Writer Matthew Lee contributed to this report.

Steve Witkoff watches as Secretary of State Marco Rubio applauds as President Donald Trump, accompanied by Marc Fogel, speak in the Diplomatic Reception Room at the White House, Tuesday, Feb. 11, 2025, in Washington. (Photo/Alex Brandon)

Steve Witkoff watches as Secretary of State Marco Rubio applauds as President Donald Trump, accompanied by Marc Fogel, speak in the Diplomatic Reception Room at the White House, Tuesday, Feb. 11, 2025, in Washington. (Photo/Alex Brandon)

Marc Fogel holds an Iron City Beer as he speaks in the Diplomatic Reception Room at the White House with President Donald Trump, Tuesday, Feb. 11, 2025, in Washington. (Photo/Alex Brandon)

Marc Fogel holds an Iron City Beer as he speaks in the Diplomatic Reception Room at the White House with President Donald Trump, Tuesday, Feb. 11, 2025, in Washington. (Photo/Alex Brandon)

President Donald Trump, accompanied by Marc Fogel, speaks in the Diplomatic Reception Room at the White House, Tuesday, Feb. 11, 2025, in Washington. (Photo/Alex Brandon)

President Donald Trump, accompanied by Marc Fogel, speaks in the Diplomatic Reception Room at the White House, Tuesday, Feb. 11, 2025, in Washington. (Photo/Alex Brandon)

President Donald Trump, accompanied by Marc Fogel, speaks in the Diplomatic Reception Room at the White House, Tuesday, Feb. 11, 2025, in Washington. (Photo/Alex Brandon)

President Donald Trump, accompanied by Marc Fogel, speaks in the Diplomatic Reception Room at the White House, Tuesday, Feb. 11, 2025, in Washington. (Photo/Alex Brandon)

President Donald Trump greets Marc Fogel at on the South Lawn at the White House, Tuesday, Feb. 11, 2025, in Washington. (AP Photo/Evan Vucci)

President Donald Trump greets Marc Fogel at on the South Lawn at the White House, Tuesday, Feb. 11, 2025, in Washington. (AP Photo/Evan Vucci)

President Donald Trump greets Marc Fogel at on the South Lawn at the White House, Tuesday, Feb. 11, 2025, in Washington. (AP Photo/Evan Vucci)

President Donald Trump greets Marc Fogel at on the South Lawn at the White House, Tuesday, Feb. 11, 2025, in Washington. (AP Photo/Evan Vucci)

Media film in front of Malphine Fogel's home after a press conference about her son, Marc Fogel, who was a Russian detainee for three and a half years and is now on his way home, Tuesday, Feb. 11, 2025, in Butler, Pa. (Benjamin B. Braun/Pittsburgh Post-Gazette via AP)

Media film in front of Malphine Fogel's home after a press conference about her son, Marc Fogel, who was a Russian detainee for three and a half years and is now on his way home, Tuesday, Feb. 11, 2025, in Butler, Pa. (Benjamin B. Braun/Pittsburgh Post-Gazette via AP)

Malphine Fogel, 95, sits with Sasha Phillips, not pictured, Counsel with Dentons Cohen & Grigsby, as they talk during a press conference on her son, Marc Fogel, who was a Russian detainee for three and a half years and is now on his way home, Tuesday, Feb. 11, 2025, in Butler, Pa. (Benjamin B. Braun/Pittsburgh Post-Gazette via AP)

Malphine Fogel, 95, sits with Sasha Phillips, not pictured, Counsel with Dentons Cohen & Grigsby, as they talk during a press conference on her son, Marc Fogel, who was a Russian detainee for three and a half years and is now on his way home, Tuesday, Feb. 11, 2025, in Butler, Pa. (Benjamin B. Braun/Pittsburgh Post-Gazette via AP)

Malphine Fogel, 95, left, sits with Sasha Phillips, Counsel with Dentons Cohen & Grigsby, as they talk during a press conference about her son, Marc Fogel, who was a Russian detainee for three and a half years and is now on his way home, Tuesday, Feb. 11, 2025, in Butler, Pa. (Benjamin B. Braun/Pittsburgh Post-Gazette via AP)

Malphine Fogel, 95, left, sits with Sasha Phillips, Counsel with Dentons Cohen & Grigsby, as they talk during a press conference about her son, Marc Fogel, who was a Russian detainee for three and a half years and is now on his way home, Tuesday, Feb. 11, 2025, in Butler, Pa. (Benjamin B. Braun/Pittsburgh Post-Gazette via AP)

Malphine Fogel, 95, talks with Sasha Phillips, not pictured, Counsel with Dentons Cohen & Grigsby, during a press conference on her son, Marc Fogel, who was a Russian detainee for three and a half years and is now on his way home Tuesday, Feb. 11, 2025, in Butler, Pa. (Benjamin B. Braun/Pittsburgh Post-Gazette via AP)

Malphine Fogel, 95, talks with Sasha Phillips, not pictured, Counsel with Dentons Cohen & Grigsby, during a press conference on her son, Marc Fogel, who was a Russian detainee for three and a half years and is now on his way home Tuesday, Feb. 11, 2025, in Butler, Pa. (Benjamin B. Braun/Pittsburgh Post-Gazette via AP)

President Donald Trump speaks during a meeting with Jordan's King Abdullah II in the Oval Office at the White House, Tuesday, Feb. 11, 2025, in Washington. (Photo/Alex Brandon)

President Donald Trump speaks during a meeting with Jordan's King Abdullah II in the Oval Office at the White House, Tuesday, Feb. 11, 2025, in Washington. (Photo/Alex Brandon)

FILE - Family members, friends and colleagues of Marc Fogel, who has been detained in Russia since August 2021, rally for his release outside of the White House, July 15, 2023, in Washington. (AP Photo/Stephanie Scarbrough, File)

FILE - Family members, friends and colleagues of Marc Fogel, who has been detained in Russia since August 2021, rally for his release outside of the White House, July 15, 2023, in Washington. (AP Photo/Stephanie Scarbrough, File)

FILE - Ellen Keelan, center, and other family members rally outside the White House for the release of Marc Fogel, who has been detained in Russia since August 2021, July 15, 2023, in Washington. (AP Photo/Stephanie Scarbrough, File)

FILE - Ellen Keelan, center, and other family members rally outside the White House for the release of Marc Fogel, who has been detained in Russia since August 2021, July 15, 2023, in Washington. (AP Photo/Stephanie Scarbrough, File)

FILE - A drawn portrait of Marc Fogel, who has been detained in Russia since August 2021, hangs on rails outside of the White House during a demonstration organized by his family, July 15, 2023, in Washington. (AP Photo/Stephanie Scarbrough, File)

FILE - A drawn portrait of Marc Fogel, who has been detained in Russia since August 2021, hangs on rails outside of the White House during a demonstration organized by his family, July 15, 2023, in Washington. (AP Photo/Stephanie Scarbrough, File)

WASHINGTON (AP) — 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, who pushed back against President Donald Trump’s efforts to exert more control over the Fed.

The backlash reflected the overarching stakes in determining the balance of power within the federal government and the path of the U.S. economy at a time of uncertainty about inflation and a slowing job market. This has created a sense among some Republican lawmakers and leading economists that the Trump administration had overstepped the Fed's independence by sending subpoenas.

The criminal investigation — a first for a sitting Fed chair — sparked an unusually robust response from Powell and a full-throated defense from three former Fed chairs, a group of top economic officials and even Republican senators tasked with voting on Trump's eventual pick to replace Powell as Fed chair when his term expires in May.

White House press secretary Karoline Leavitt told reporters that Trump did not direct his Justice Department to investigate Powell, who has proven to be a foil for Trump by insisting on setting the Fed's benchmark interest rates based on the data instead of the president's wishes.

“One thing for sure, the president’s made it quite clear, is Jerome Powell is bad at his job,” Leavitt said. “As for whether or not Jerome Powell is a criminal, that’s an answer the Department of Justice is going to have to find out.”

The investigation demonstrates the lengths the Trump administration is willing to go to try to assert control over the Fed, an independent agency that the president believes should follow his claims that inflationary pressures have faded enough for drastic rate cuts to occur. Trump has repeatedly used investigations — which might or might not lead to an actual indictment — to attack his political rivals.

The risks go far beyond Washington infighting to whether people can find work or afford their groceries. If the Fed errs in setting rates, inflation could surge or job losses could mount. Trump maintains that an economic boom is occurring and rates should be cut to pump more money into the economy, while Powell has taken a more cautious approach in the wake of Trump's tariffs.

Several Republican senators have condemned the Department of Justice's subpoenas of the Fed, which Powell revealed Sunday and characterized as “pretexts” to pressure him to sharply cut interest rates. Powell also said the Justice Department has threatened criminal indictments over his June testimony to Congress about the cost and design elements of a $2.5 billion building renovation that includes the Fed's headquarters.

“After speaking with Chair Powell this morning, it’s clear the administration’s investigation is nothing more than an attempt at coercion,” said Sen. Lisa Murkowski, R-Alaska, on Monday.

Jeanine Pirro, U.S. attorney for the District of Columbia, said on social media that the Fed “ignored” her office’s outreach to discuss the renovation cost overruns, “necessitating the use of legal process — which is not a threat.”

“The word ‘indictment’ has come out of Mr. Powell’s mouth, no one else’s,” Pirro posted on X, although the subpoenas and the White House’s own statement about determining Powell's criminality would suggest the risk of an indictment.

A bipartisan group of former Fed chairs and top economists on Monday called the Trump administration's investigation “an unprecedented attempt to use prosecutorial attacks" to undermine the Fed's independence, stressing that central banks controlled by political leaders tend to produce higher inflation and lower growth.

“I think this is ham-handed, counter-productive, and going to set back the president’s cause,” said Jason Furman, an economist at Harvard and former top adviser to President Barack Obama. The investigation could also unify the Fed’s interest-rate setting committee in support of Powell, and means “the next Fed chair will be under more pressure to prove their independence.”

The subpoenas apply to Powell's statements before a congressional committee about the renovation of Fed buildings, including its marble-clad headquarters in Washington, D.C. They come at an unusual moment when Trump was teasing the likelihood of announcing his nominee this month to succeed Powell as the Fed chair and could possibly be self-defeating for the nomination process.

While Powell's term as chair ends in four months, he has a separate term as a Fed governor until January 2028, meaning that he could remain on the board. If Powell stays on the board, Trump could be blocked from appointing an outside candidate of his choice to be the chair.

Powell quickly found a growing number of defenders among Republicans in the Senate, who will have the choice of whether to confirm Trump's planned pick for Fed chair.

Sen. Thom Tillis, a North Carolina Republican and member of the Senate Banking panel, said late Sunday that he would oppose any of the Trump administration’s Fed nominees until the investigation is "resolved."

“If there were any remaining doubt whether advisers within the Trump Administration are actively pushing to end the independence of the Federal Reserve, there should now be none,” Tillis said.

Sen. Dave McCormick, R-Penn, said the Fed may have wasted public dollars with its renovation, but he said, “I do not think Chairman Powell is guilty of criminal activity.”

Senate Majority Leader John Thune offered a brief but stern response Monday about the tariffs as he arrived at the U.S. Capitol, suggesting that the administration needed “serious” evidence of wrongdoing to take such a significant step.

“I haven’t seen the case or whatever the allegations or charges are, but I would say they better, they better be real and they better be serious,” said Thune, a Republican representing South Dakota.

If Powell stays on the board after his term as chair ends, the Trump administration would be deprived of the chance to fill another seat that would give the administration a majority on the seven-member board. That majority could then enact significant reforms at the Fed and even block the appointment of presidents at the Fed's 12 regional banks.

“They could do a lot of reorganizing and reforms” without having to pass new legislation, said Mark Spindel, chief investment officer at Potomac River Capital and author of a book on Fed independence. “That seat is very valuable.”

Powell has declined at several press conferences to answer questions about his plans to stay or leave the board.

Scott Alvarez, former general counsel at the Fed, says the investigation is intended to intimidate Powell from staying on the board. The probe is occurring now “to say to Chair Powell, ’We’ll use every mechanism that the administration has to make your life miserable unless you leave the Board in May,'" Alvarez said.

Asked on Monday by reporters if Powell planned to remain a Fed governor, Kevin Hassett, director of the White House National Economic Council and a leading candidate to become Fed chair, said he was unaware of Powell’s plans.

“I’ve not talked to Jay about that,” Hassett said.

A bipartisan group of former Fed chairs and top economists said in their Monday letter that the administration’s legal actions and the possible loss of Fed independence could hurt the broader economy.

“This is how monetary policy is made in emerging markets with weak institutions, with highly negative consequences for inflation and the functioning of their economies more broadly,” the statement said.

The statement was signed by former Fed chairs Ben Bernanke, Janet Yellen, and Alan Greenspan, as well as former Treasury Secretaries Henry Paulson and Robert Rubin.

Still, Trump's pressure campaign had been building for some time, with him relentlessly criticizing and belittling Powell.

He even appeared to preview the shocking news of the subpoenas at a Dec. 29 news conference by saying he would bring a lawsuit against Powell over the renovation costs.

“He’s just a very incompetent man,” Trump said. “But we’re going to probably bring a lawsuit against him.”

__

AP writers Lisa Mascaro and Joey Cappelletti contributed to this report.

FILE - Federal Reserve Chairman Jerome Powell, right, and President Donald Trump look over a document of cost figures during a visit to the Federal Reserve, July 24, 2025, in Washington. (AP Photo/Julia Demaree Nikhinson, File)

FILE - Federal Reserve Chairman Jerome Powell, right, and President Donald Trump look over a document of cost figures during a visit to the Federal Reserve, July 24, 2025, in Washington. (AP Photo/Julia Demaree Nikhinson, File)

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