HONOLULU (AP) — Brooks Koepka becomes the first LIV Golf player to return to the PGA Tour under a one-time program for elite players.
It's not a free pass back to the PGA Tour. Koepka has to make a $5 million charitable donation. He won't be able to receive PGA Tour equity grants for five years. He isn't eligible for FedEx Cup bonus money in 2026. And he can't receive sponsor exemptions into the $20 million signature events.
He plans to return in the Farmers Insurance Open on Jan. 29 at Torrey Pines in San Diego. He is eligible to reach the lucrative FedEx Cup postseason. He also is eligible for the Presidents Cup and for the indoor TGL circuit in Florida.
But the CEO of PGA Tour Enterprises, Brian Rolapp, said this was not a precedent and that only three other LIV Golf players were eligible to return.
Here's a rundown on Koepka's return and what it means for other players and the rest of golf.
The PGA Tour board developed a “Returning Member Program” that applies to players who have won majors or The Players Championship since 2022 and have been away from the PGA Tour for at least two years. Koepka won the 2023 PGA Championship at Oak Hill, one year after he defected to LIV Golf for what Koepka had said was a deal worth at least $100 million. Koepka had one year left on his LIV contract when he and the Saudi-backed group agreed to an amicable split. Koepka is exempt through 2028 because of his PGA Championship win.
That depends. The out-of-pocket expense is the $5 million donation to charity, which the tour will help decide. By not having access to equity grants, the tour estimates that could deprive him up to $63 million. That's based on Koepka averaging a top-30 finish the next five years, a 10-12% equity appreciation and Koepka holding his shares until age 50.
He also cannot get FedEx Cup bonus money from the $20 million pool distributed to the top 10 players after the regular season, and $23 million awarded to 50 players after the BMW Championship. But the Tour Championship is now official money, and that $40 million purse counts as official. Tommy Fleetwood earned $10 million in official money from winning the Tour Championship last year.
Bryson DeChambeau won the 2024 U.S. Open. Jon Rahm wont he 2023 Masters. Cameron Smith won the British Open and The Players Championship in 2022. They are the only other players who can return to the PGA Tour. They have until Feb. 2 to accept. That's two days before LIV Golf begins a fifth season in Saudi Arabia.
The PGA Tour did not clarify why it chose the 2022-25 window. LIV Golf began in 2022. But that rules out major champions Phil Mickelson (2021 PGA Championship), Dustin Johnson (2020 Masters), Patrick Reed (2018 Masters) and Sergio Garcia (2017 Masters).
Also ineligible to return are Joaquin Niemann, a seven-time winner on LIV Golf, and Tyrrell Hatton, who has played on the last three Ryder Cup teams for Europe.
None of those players has expressed any desire to leave LIV.
No. Rolapp described Koepka as a unique situation and made clear this would not be a precedent, rather a one-time program that applies only to elite champions. He also said there were no guarantees such a pathway would be available in the future.
Koepka is eligible for the four majors and The Players Championship (through his PGA Championship win), along with any full-field event on the schedule. He would have to qualify for the $20 million signature events through winning a tour event or through the two performance-based pathways, such as being among top 10 in the FedEx Cup not already eligible. But he cannot get a sponsor exemption to the signature events. He also is eligible for the FedEx Cup postseason if he qualifies.
If Koepka gets into a signature event, or if he qualifies for the postseason, the PGA Tour would add him to the field and take whoever would have been next in line. For example, he finishes among the top 70 to qualify for the postseason, the tour would take No. 71 in the FedEx Cup standings.
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FILE - Brooks Koepka laughs while talking with Justin Thomas, left, on the 15th fairway during a practice round at the Masters golf tournament, Tuesday, April 8, 2025, in Augusta, Ga. (AP Photo/Matt Slocum, File)
FILE - Brooks Koepka tees off on the 15th hole during the second round of the U.S. Open golf tournament at Oakmont Country Club Friday, June 13, 2025, in Oakmont, Pa. (AP Photo/Gene J. Puskar, 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.”
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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)
