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AI Summary
- The Trump administration escalated pressure on the Federal Reserve by serving Powell with a DOJ subpoena for potential criminal charges, which Powell characterized as political retaliation for rate policy disagreements
- The administration has previously attempted to fire Fed Governor Lisa Cook, with the case heading to the Supreme Court as part of a broader assault on Fed independence
- Lev Menand from Columbia Law School analyzes the constitutional and legal implications of these unprecedented attacks on Fed independence and the DOJ's evolving role