Transcript

🚨Trump SPIRALS and TAKES CRIMINAL ACTION on FED CHAIR!!

From MeidasTouch · Episode page · Watch on YouTube

· 18 min · 2,815 words · 31 timestamped sections

This is the full, timestamped transcript of "🚨Trump SPIRALS and TAKES CRIMINAL ACTION on FED CHAIR!!", an episode of MeidasTouch published January 12, 2026 (18 min, about 2,815 words). It mentions 5 people, works and ideas, including Donald Trump, Federal Reserve, Jay Powell, National Capital Planning Commission, Department of Justice.

What this episode is about

The main topic revolves around the criminal investigation into Jay Powell, Chairman of the Federal Reserve, who has received a subpoena from a grand jury concerning cost overruns in the renovation of Federal Reserve buildings. This inquiry follows Donald Trump's public confrontation with Powell and appears to be part of a broader strategy by Trump to gain control over the Federal Reserve Board by pressuring Powell to resign, amidst fears of potential legal setbacks for Trump regarding other board members.

Key takeaways

  • Jay Powell's subpoena reveals a drama where financial integrity battles political gamesmanship – a true political thriller!
  • Cost overruns in old buildings spark a grand jury, but what about Trump's personal renovation disasters?
  • Powell stands firm against political intimidation, proving that personal integrity can thrive in turbulent waters.
  • With a 4-3 Fed majority at stake, Trump plays chess while Powell defends monetary policy – checkmate?
  • Historic renovations become a hotbed of political drama, reminding us that even the Fed isn't immune to theatrics.

Who speaks in this episode?

What is discussed, and when

  1. – 3:00: Jay Powell, Donald Trump, Federal Reserve, Department of Justice
  2. – 6:00: Federal Reserve, Donald Trump
  3. – 9:00: Donald Trump, Jay Powell
  4. – 15:00: National Capital Planning Commission, Donald Trump
  5. – 17:53: Donald Trump, Federal Reserve

Notable quotes from "🚨Trump SPIRALS and TAKES CRIMINAL ACTION on FED CHAIR!!"

  • Renovation of two separate Federal Reserve buildings. Yes, this is the very same thing that Donald Trump was embarrassed about when he challenged J.
    about Donald Trump · at
  • On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas threatening a criminal indictment related to my testimony before the Senate Banking Committee last.
    about Department of Justice · at
  • [clears throat] items that were listed are not happening. I will say that the National Capital Planning Commission website ncpc.gov anyone can take a look at it for themselves. not just looking or listening to the New York Post, not just.
    about National Capital Planning Commission · at

Who and what is mentioned in this episode?

People

  • Donald Trump — Person · 13 mentions · first at
  • Jay Powell — Person · 7 mentions · first at
    Got some breaking news here on Midas touch and legal a Michael Pop. Jay Powell the chairman of the Federal Reserve has received a subpoena from a criminal grand jury impanled by the US attorney's office in the District of.

Companies & orgs

Full transcript with timestamps

Got some breaking news here on Midas touch and legal a Michael Pop. Jay Powell the uh chairman of the Federal Reserve has received a subpoena from a criminal grand jury impanled by the US attorney's office in the District of Columbia about cost overruns in the renovation of two separate Federal Reserve buildings. Yes, this is the very same thing that Donald Trump was embarrassed about when he challenged J. Powell in person at the construction site a few months ago. Jay Powell schooled him in public about the cost overruns. J. Powell also denied that he is responsible for the cost overruns in a criminal way in testimony to the Senate Banking Committee a couple of months ago. But that hasn't stopped Donald Trump from wanting to grab the headline. Grand jury criminally investigates Jay Powell. But Jay Powell, much like former FBI director James Comey, he is fighting back and not just letting his lawyers do the talking.

Showing showing a person who has tremendous confidence in his own innocence. He's taken to the airwaves and put up a video himself this evening or on Sunday night about the charges. So, I'm glad you're here on Midas Touching on Legal AF. Let's get to all of the receipts. I've got the video clip of Donald Trump with his lackey Senator Tim Scott trying to embarrass, you know, wearing hard hats, trying to embarrass Jay Powell into resigning. This is all about pressure on J. Powell to get him out of the Federal Reserve before his chairmanship ends in May and and to get him to give up his seat before it ends in in 2028 in order to give Donald Trump a 4 to3 majority on the Federal Reserve Board of Governors to give him ultimate control over the Federal Open Markets Committee and control over interest rates. That is what this is all about.

And Donald Trump sensing, I believe, that he's going to lose in front of the United States Supreme Court in his efforts to get rid of board of governor member Lisa Cook about uh cooked up fabricated charges of mortgage fraud is now trying to lop it off at the head and get rid of Jay Powell and and take advantage of him being a modest, and I mean that in a great way, modest individual, but it looks like Jay Powell is fighting back. Let's lead off with the clip of Jay Powell fighting back against these new charges. Let's play the clip.

Good evening. On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas threatening a criminal indictment related to my testimony before the Senate Banking Committee last June. That testimony concerned in part a multi-year project to renovate historic Federal Reserve office buildings. I have deep respect for the rule of law and for accountability in our democracy. No one, certainly not the chair of the Federal Reserve, is above the law. But this unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure. This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings. It is not about Congress's oversight role. The Fed through testimony and other public disclosures made every effort to keep Congress informed about the renovation project.

Those are pretexts. The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public rather than following the preferences of the president. This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions or whether instead monetary policy will be directed by political pressure or intimidation. I have served at the Federal Reserve under four administrations, Republicans and Democrats alike. In every case, I have carried out my duties without political fear or favor, focused solely on our mandate of price stability and maximum employment.

Public service sometimes requires standing firm in the face of threats. I will continue to do the job the Senate confirmed me to do with integrity and a commitment to serving the American people. Thank you. Right now, let's go back in time several months ago before the East Wing was torn down before on the wreckage of the East Wing and over a cost overrun ballroom, golden ballroom was built by Donald Trump at double the cost. In other words, should we be criminally investigating Donald Trump and his administration for the ballroom based on these same set of uh conditions? Okay, so let's start from the beginning. The Federal Reserve occupies a campus, a set of buildings along a campus, right? Um, many of the buildings, at least two in particular, were were built in the 1930s. The Ecklas building, another building on Constitution Avenue, and a building behind it in the 19 that was the last time they were renovated. That

means they have antiquated or no fire suppression. They have antiquated uh electric, water, uh HVAC, heating, air conditioning. It they're filled with lead and asbestous contamination that has to be uh uh remediated. And cost, I don't know, Donald Trump noticed costs have gone up considerably in building supplies and building materials from COVID forward and because of his tariffs. So, is it is there a cost overrun of $600 or $700 million? Probably. But but you know, when you're renovating old buildings, you run into problems with plans not matching what's actually asis in the in the building.

Like, where did that water man come from? Or whoa, look at all that asbestous or uh we can't put an elevator there because there's granite, you know, there's bedrock, things like that. So, they're trying to modernize these buildings so people can actually live in them and they and they don't continue to be sick buildings where people die because they work in there. Now, Donald Trump tried to embarrass Jay Powell based on cost overruns. And he went down to the construction site. They all put on hard hats, even though, trust me, they should not be wearing hard hats.

It's [clears throat] not a good look. And you know, they had this little performative art piece where Tim Scott pulled out a piece of paper from his pocket and Donald Trump looked at it and said, "Yeah, right here based on your own numbers, you're way over. You're you got an over got over over budget here." And uh and Jay Powell said, "Huh?" So, give me that piece of paper. It took out his cheaters, his readers. And uh here's the clip.

We're taking a look and uh it looks like it's about 3.1 billion. went up a little bit or a lot. Uh, so the 2.7 is now 3.1.

I'm not aware of that. Yeah, it just came out. I haven't heard that from anybody.

It just came out. This came from us. Yes. I don't know who does that. You're including the Martin renovation. You just added

our entire capital. You just you just added in a third building is what that is. That's a third building. It's it's a building that's being built.

No, it's been it was built 5 years ago. We finished Martin 5 years ago. It's part of the overall work.

So, we're going to take a look. We're going to see what's happening. Uh, and it's got a long way. Do you expect any more additional plus?

Don't expect them. Uh, we're we're ready for them, but we we have a little bit of a reserve that we we may use, but no, we don't expect to be finished in 2027. Um, we're well along as you can see.

Uh, nice to take these off every once in a while when we're not under too much danger.

As a real estate developer, what would you do with a project manager who would be over budget?

Uh, generally speaking, what would I do? I'd fire him. Donald Trump doesn't like that. Don't Donald Trump does not like to be embarrassed in public. One of my working theories about Donald Trump even running for the presidency the first time is that he was embarrassed by Barack Obama in the White House correspondence dinner before that election. You can see him seething as Barack Obama as at his expense uh makes a comment about about uh Donald Trump at that moment. I think he he wanted to run for office. Here's the Obama Trump clip in case you forgot it.

Donald Trump is here tonight. Now, I know that he's taken some flak lately, but no one is happier, no one is prouder to put this birth certificate matter to rest than the Donald. And that's because he can finally get back to focusing on the issues that matter. Like, did we fake the moon landing? What really happened in Roswell? And where are Biggie and Tupac?

All kidding aside, obviously we all know about your credentials and breadth of experience. Um, for example, uh, no, seriously, just recently in an episode of Celebrity Apprentice at the steakhouse, the men's cooking team uh, did not impress the judges from Omaha Stakes, and there was a lot of blame to go around, but you, Mr. Trump, recognized that the real problem was a lack of leadership. And so ultimately you didn't blame Little John or Meatloaf. You fired Gary Buuzy. And these are the kind of decisions that would keep me up at night.

Well handled, sir. well-handled. Say what you will about uh Mr. Trump, he certainly would bring some change to the White House. Let's see what we've got up there. Now what apparently according to the New York Times and Wall Street Journal they are looking at at the US attorney's office is all of the construction documents and then whether in his public statements and and more importantly his his statements under oath to oversight committees like the Senate Banking Committee he somehow misled Congress. Other words, he lied to Congress, perjured himself under oath. A 1001 charge, we call it, very similar to how they went after James Comey, the FBI director. Here's a clip of of uh Powell defending the cost overrun and the building to the same Senator Tim Scott.

Let's play the clip. uh just giving us an opportunity to go back uh to the spending at the Fed for the construction and you said that the [clears throat] items that were listed are not happening. I will say that the National Capital Planning Commission website ncpc.gov anyone can take a look at it for themselves. uh not just looking or listening to the New York Post, not just the Wall Street Journal, but page 129 of the final plans reflected rooftop garden terraces. The page 127 and 129 were where we found the ornate water features and final plans. The new elevators that dropped board members off at the VIP dining suite was page 37 of the final plans. The white marble was pages 40, 41, 65 of the final plans. I I would welcome your staff coming in to walk my staff through what is happening there as opposed to what we have only read in the New York Post, not only in the Wall Street Journal, but also at the National

Capital Planning Commission's website. So, we would welcome that opportunity to have a

Can I just quickly say some of those are just flatly misleading the idea of elevators? you know, it's the same elevator. It's been there since the building was built. So, that's that's a mischaracterization. And some of those are no longer in the plans. They, you know, that's that's earlier. We we've the plans have continued to evolve. And

one of the one of the questions I asked my staff before having the conversation with you uh in preparation and assuming that your response would be to refute some of the things that were happening was to ask the question, well, since the articles came out in April, have the plans changed since April as a result of the the the media attention to it or was that just never in the plan? Um, I would just say that having an understanding, a clear understanding of what's going to be uh and when it changed would be helpful for us. I will note that uh having confidence in what we hear uh is incredibly important and I would give you the opportunity to bring your team in and or send your team over so that we can have that conversation. Um that would be helpful.

Look forward to doing that. And if you'll allow me to say one more sentence, none of those things are really were the cost drivers. You know, the the real thing is the is what were the cost drivers that caused the the spending to increase. And we have those two, but those are not the things that did that. Now, this is just another example of um Donald Trump going after his perceived political enemies or try to gain a political advantage or in this case get control of the interest rates in America to help his failing economy.

Uh, and let's look at the scorecard so far of him trying to do that. Adam Schiff, Senator Adam Schiff, he accused of mortgage fraud. According to reporting, they can't they don't even have enough evidence to to imple jury. In Leticia James, New York Attorney General's case, they got a grand jury, but they sent in an illegally appointed prosecutor in Lindseay Alligan. And that first indictment was bounced. And then when somebody not named Lindseay Alligan tried to get two more indictments in front of grand juries uh by way of Lindseay Hig uh by way of uh against Leticia James, they failed. So three three times strikeout against Leticia James. James Comey initial indictment dismissed and they haven't gotten they haven't gotten around yet to getting a new indictment.

John Brennan, CIA director. They're they're running around the Southern District of Florida trying to get an indictment uh in a grand jury supervised by Eileen Cannon, the judge in Miami, but it hasn't happened yet. Um and uh you know, we've got the former uh UN ambassador, National Security Adviser, John Bolton. He got indicted. Um and all right, I mean I mean if it's appropriate, you get indicted. But just because there's a grand jury that's issuing subpoenas does not mean that that leads to an indictment. Nor should it. Of course, Trump will get all the mileage he can out of this. Oh, you know, I said he was a criminal. He's called him a criminal before. It's going to be a bad month or so for Donald Trump. So he's trying to distract from the Epstein scandal, the Renee Good murder scandal and cover up, the the people calling for the head of his ICE uh and Homeland Security director, Christy Gnome, you know, you've got the

tariffs probably going to be torn down by the Supreme Court. He's probably going to lose with the Lisa Cook case on the Federal Reserve. He needed something for people to talk about. But we now have broken it down for you. I'm glad you're here. We're going to cover this story. I'm glad to see J. Paling back, fighting back hard as he should, calling it out for what it is, an attempt to undermine our independent Federal Reserve and for Donald Trump to get his greedy, grubby little hands on the tiller, uh, which we cannot allow. We'll continue to call it out here on Midas Touch and on Legal AF. Take a moment, become a member, a paid member of Legal AF YouTube channel and of Legal AF Substack. Till my next report, I'm Michael Popac.

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Questions about this episode

Who speaks in "🚨Trump SPIRALS and TAKES CRIMINAL ACTION on FED CHAIR!!"?

Michael Popac (Host), Jay Powell (Guest), Donald Trump (Guest).

What is "🚨Trump SPIRALS and TAKES CRIMINAL ACTION on FED CHAIR!!" about?

The main topic revolves around the criminal investigation into Jay Powell, Chairman of the Federal Reserve, who has received a subpoena from a grand jury concerning cost overruns in the renovation of Federal Reserve buildings. This inquiry follows Donald Trump's public confrontation with Powell and appears to be part of a broader strategy by Trump to gain control over the Federal Reserve Board…

What is mentioned in this MeidasTouch episode?

5 people, works and ideas are mentioned, including Donald Trump, Federal Reserve, Jay Powell, National Capital Planning Commission, Department of Justice. Each one on this page links to its own page with every episode that mentions it.

How long is "🚨Trump SPIRALS and TAKES CRIMINAL ACTION on FED CHAIR!!"?

The episode runs 18 min; the transcript is about 2,815 words in 31 timestamped sections.

More from MeidasTouch

About this transcript: the episode's spoken words as captioned on YouTube, split into timestamped sections. Reclip.Me locates every person, work and idea in the text, keeps the time it is first named, and quotes the words around it verbatim. Last updated January 24, 2026.