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Powell Defends Fed Independence, Declines to Discuss Subpoenas or Succession

Federal Open Market Committee · January 28, 2026

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Summary

Chair Powell emphasized the importance of central‑bank independence, said he would not respond to other officials' criticisms, and declined to comment on subpoenas or on whether he will remain a Fed governor; he called attendance at a Supreme Court proceeding "precedented."

Chair Powell used the press conference to make a sustained defense of central‑bank independence and to decline to engage on several politically charged topics raised by reporters.

When asked by Chris Rugaber of The Associated Press why he attended a Supreme Court hearing in the Lisa Cook matter after Treasury Secretary criticism, Powell said he does not "respond to comments by other officials" and that attending was appropriate and precedented, noting that "Paul Volcker went to a Supreme Court case famously." Powell said, "I as I thought about it, I thought, it would might be hard to explain why I didn't attend." He added he would not respond to comments by other officials "whoever they may be."

Reporters pressed Powell about subpoenas and possible consequences for the Fed’s independence. When asked whether the Fed had responded to subpoenas, Powell said, "I have nothing for you on that today." On a question about what would happen if the Fed lost its independence, Powell described independence as an institutional arrangement that has "served the people well" and said losing it would make it "hard to restore the credibility of the institution." He said he and his colleagues remain committed to maintaining independence.

Powell also declined to address whether he would remain as a Fed governor, telling Bloomberg's Michael McKee he had "nothing for you on that today" and calling such topics not appropriate for that forum.

Those exchanges underscored the tension between the Fed’s role as an independent policymaker and heightened political scrutiny; Powell repeatedly limited his responses to the policy and press‑conference remit and emphasized the Fed's duty to the public.