JPMorgan’s Jamie Dimon Cautions That DOJ Subpoenas Could Undermine Federal Reserve Independence
Panelists EJ Antoni and Liz Peek discuss the newly launched federal investigation into Federal Reserve Chairman Jerome Powell on ‘The Bottom Line.’
In a recent statement, JPMorgan Chase CEO Jamie Dimon expressed significant concerns regarding the Justice Department’s grand jury subpoenas issued to the Federal Reserve. He warned that such actions could undermine the central bank’s independence and potentially elevate inflation expectations.
Dimon stated, “While I don’t agree with everything that the Fed has done, I do have enormous respect for Jay Powell, the man.” His comments came during a call with reporters following the announcement of the company’s fourth-quarter earnings report, as reported by Yahoo Finance.
He emphasized, “Everyone we know believes in Fed independence … anything that chips away at that is probably not a good idea. In my view, it will have the reverse consequences. It will probably raise inflation expectations.”
Dimon’s remarks followed a video statement from Federal Reserve Chairman Jerome Powell, who disclosed that the Justice Department had served the central bank with grand jury subpoenas.
POWELL REVEALS WHAT IT WOULD TAKE TO STEP DOWN FROM THE FED AS PRESSURE MOUNTS
JPMorgan Chase Chairman and CEO Jamie Dimon speaks onstage during the America Business Forum at the Kaseya Center in Miami, Fla., Nov. 6, 2025. (Alexander Tamargo/Getty Images for America Business Forum / Getty Images)
Powell characterized the subpoenas as a threat of criminal indictment related to his June testimony before the Senate Banking Committee. He asserted that this action is a consequence of the Federal Reserve making decisions based on public interest rather than political preferences.
The Senate testimony focused on a significant $2.5 billion project aimed at renovating two Federal Reserve office buildings: the Marriner S. Eccles Federal Reserve Board Building and the 1951 Constitution Avenue Building.
Construction continues at the Marriner S. Eccles Federal Reserve building in Washington, D.C., Jan. 12, 2026. (Pete Kiehart/Bloomberg via Getty Images / Getty Images)
Several Republican lawmakers, including Senators Thom Tillis (R-N.C.) and Lisa Murkowski (R-Alaska), have questioned the Justice Department’s motives, expressing concerns about the potential repercussions for financial markets.
Allianz Chief Economic Advisor Mohamed El-Erian joins ‘Mornings with Maria’ to discuss the Department of Justice’s probe into Federal Reserve Chair Jerome Powell, and President Donald Trump’s calls for a 10% cap on credit card interest rates.
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Murkowski stated, “If the Department of Justice believes an investigation into Chair Powell is warranted based on project cost overruns — which are not unusual — then Congress needs to investigate the Department of Justice.” She added, “The stakes are too high to look the other way: if the Federal Reserve loses its independence, the stability of our markets and the broader economy will suffer.”
Panelists EJ Antoni and Liz Peek discuss the newly launched federal investigation into Federal Reserve Chairman Jerome Powell on ‘The Bottom Line.’
In a recent statement, JPMorgan Chase CEO Jamie Dimon expressed significant concerns regarding the Justice Department’s grand jury subpoenas issued to the Federal Reserve. He warned that such actions could undermine the central bank’s independence and potentially elevate inflation expectations.
Dimon stated, “While I don’t agree with everything that the Fed has done, I do have enormous respect for Jay Powell, the man.” His comments came during a call with reporters following the announcement of the company’s fourth-quarter earnings report, as reported by Yahoo Finance.
He emphasized, “Everyone we know believes in Fed independence … anything that chips away at that is probably not a good idea. In my view, it will have the reverse consequences. It will probably raise inflation expectations.”
Dimon’s remarks followed a video statement from Federal Reserve Chairman Jerome Powell, who disclosed that the Justice Department had served the central bank with grand jury subpoenas.
POWELL REVEALS WHAT IT WOULD TAKE TO STEP DOWN FROM THE FED AS PRESSURE MOUNTS
JPMorgan Chase Chairman and CEO Jamie Dimon speaks onstage during the America Business Forum at the Kaseya Center in Miami, Fla., Nov. 6, 2025. (Alexander Tamargo/Getty Images for America Business Forum / Getty Images)
Powell characterized the subpoenas as a threat of criminal indictment related to his June testimony before the Senate Banking Committee. He asserted that this action is a consequence of the Federal Reserve making decisions based on public interest rather than political preferences.
The Senate testimony focused on a significant $2.5 billion project aimed at renovating two Federal Reserve office buildings: the Marriner S. Eccles Federal Reserve Board Building and the 1951 Constitution Avenue Building.
Construction continues at the Marriner S. Eccles Federal Reserve building in Washington, D.C., Jan. 12, 2026. (Pete Kiehart/Bloomberg via Getty Images / Getty Images)
Several Republican lawmakers, including Senators Thom Tillis (R-N.C.) and Lisa Murkowski (R-Alaska), have questioned the Justice Department’s motives, expressing concerns about the potential repercussions for financial markets.
Allianz Chief Economic Advisor Mohamed El-Erian joins ‘Mornings with Maria’ to discuss the Department of Justice’s probe into Federal Reserve Chair Jerome Powell, and President Donald Trump’s calls for a 10% cap on credit card interest rates.
CLICK HERE TO DOWNLOAD THE FOX NEWS APP
Murkowski stated, “If the Department of Justice believes an investigation into Chair Powell is warranted based on project cost overruns — which are not unusual — then Congress needs to investigate the Department of Justice.” She added, “The stakes are too high to look the other way: if the Federal Reserve loses its independence, the stability of our markets and the broader economy will suffer.”
