Legal AF by MeidasTouch - Fed Chair Defies Trump as Prosecution Backfires

Episode Date: March 20, 2026

A defiant Fed Reserve Chair Jay Powell declared at his press conference that he is not only not resigning early in the face of Trump’s criminal prosecution against him on conjured up “construction fraud” charges, but that he is willing to stay in as temporary chair if/when Trump’s pick fails to be confirmed by the Senate by Mid May, and will never leave the Fed Reserve until the criminal investigation is ended in his favor. Popok drills down on all of Trump’s miscalculations that have led Chair Powell to dig in to protect the American Economy from Trump and refuse to leave while sticking it to Trump in the presser. Subscribe:  @LegalAFMTN  Visit https://meidasplus.com for more! Remember to subscribe to ALL the MeidasTouch Network Podcasts: MeidasTouch: https://www.meidastouch.com/tag/meidastouch-podcast Legal AF: https://www.meidastouch.com/tag/legal-af MissTrial: https://meidasnews.com/tag/miss-trial The PoliticsGirl Podcast: https://www.meidastouch.com/tag/the-politicsgirl-podcast Cult Conversations: The Influence Continuum with Dr. Steve Hassan: https://www.meidastouch.com/tag/the-influence-continuum-with-dr-steven-hassan The Weekend Show: https://www.meidastouch.com/tag/the-weekend-show The Ken Harbaugh Show: https://meidasnews.com/tag/the-ken-harbaugh-show Majority 54: https://www.meidastouch.com/tag/majority-54 On Democracy with FP Wellman: https://www.meidastouch.com/tag/on-democracy-with-fpwellman Uncovered: https://www.meidastouch.com/tag/maga-uncovered Learn more about your ad choices. Visit megaphone.fm/adchoices

At Medcan, we know that life's greatest moments are built on a foundation of good health, from the big milestones to the quiet winds. That's why our annual health assessment offers a physician-led, full-body checkup that provides a clear picture of your health today, and may uncover early signs of conditions like heart disease and cancer. The healthier you means more moments to cherish. Take control of your well-being and book an assessment today. Medcan. Live well for life.

Visit medcan.com slash moments to get started. At Desjardin, we speak business. We speak equipment modernization. We're fluent in data digitization and expansion into foreign markets. And we can talk all day about streamlining manufacturing processes. Because at Desjardin business, we speak the same language you do. Business. So join the more than 400,000 Canadian entrepreneurs who already count on us.

And contact Desjardin today. We'd love to talk, business. Underwear drawers are like the wild west of wardrobes. You never know what pair you're going to pull out or what shape it's in. It's time to upgrade your underwear drawer with the buttery soft comfort of Meandies. MeUndies's signature fabric is as soft as a warm hug from your favorite sweater. Plus, it's breathable and oh, so comfy, making it ideal for all-day wear. Get 20% off your first order plus free shipping at meundies.com slash comfort.

Enter promo code comfort. That's meundies.com slash comfort code comfort. After 16 months of bashing the Federal Reserve Chair, Jay Powell, all it's done is strengthen his resolve. And in a press conference yesterday to announce no change in interest rates to bail out Trump's failed economy, Jay Powell went one step further. He told Donald Trump, not only is he not leaving in May of 2026 when his Federal Reserve chairmanship is over, but that he will stay in that position as the chairperson pro tempore if Donald Trump's pick to replace him is not confirmed by the Senate, and it's not looking good

between now and May the 15th for Kevin Warsh to be confirmed by the Senate. Because Donald Trump has opened up a criminal investigation against Jay Powell, the Federal Reserve, led by Janine Piro, his political ally in the... the U.S. Attorney's Office in D.C., she's not letting up. That's making Jay Powell get his Irish up, as they like this, Joe Biden like to say, and says he's not going anywhere until the investigation is completely over and he's effectively been cleared. Therefore, Tom Tillis in the Senate, who's leaving the Senate, but has a vote on the Senate Banking Committee. He says he won't vote for Donald Trump's replacement as chair of the Federal Reserve in Kevin Ward.

unless the Federal Reserve chairman is cleared of his criminal investigation. Oh, what a tangled web Donald Trump has woven. You're here on the Midas Touch Network and Legal AF on Michael Popock. Let's get to the new reporting in the last 24 hours. We knew that the Federal Reserve was going to be meeting yesterday and making their decision about whether interest rates were going to be cut or not. Donald Trump wants them cut because that's cheap money. That helps bail out his failed economic process.

policies by making money really cheap and therefore people invest with really cheap money, except it leads to hyperinflation. The Federal Reserve makes the decision about ratings and rates based on what's called the Federal Open Markets Committee. It's comprised of 12 people, seven members of the Board of Governors, of which Jay Powell is the chair and five rotating members of who are presidents of the regional federal reserve banks. And out of that, 12 people, you know how many people wanted to cut interest rates? One.

Even two Trumpers. Waller and Bowman said, we're not cutting rates. So there goes rate cuts. And the market has reacted. The fact, the market doesn't think there's going to be a rate cut again in 2026. And there may be a rate increase in 27. So take that. But in that same press conference, a defiant Jay Powell, somebody I've never seen before,

the fact that I'm putting defiant and Jay Powell in the same sentence is amazing. He is a very calm, quiet, moderate person, genius when it comes to economic policy. And he took to the podium. And he had this to say, fighting back against Donald Trump. Play the clip. What happens if there's no federal. reserve chairman confirmed on May 15th. Would you stay on? So if my successor is not confirmed by the end of my term as chair, I would serve as chair pro tem until he is confirmed.

That is what the law calls for. That's what we've done on several occasions, including involving me, and it's what we're going to do in this situation. And while I'm at it, on the question whether I will leave while the investigation is ongoing. I have no intention of leaving the board until the investigation is well and truly over with transparency and finality. And I would refer you to the statement that was in the Fed's brief that you all have seen. And I won't have anything more for you on that. On the question of whether I will then continue to serve as a governor after my term ends and after the investigation is over, I have not made that decision yet. And I will make that decision based on what I think is best for the institution

and for the people we serve. Now, that's not the first time we've seen Jay Powell. say that I'm not going anywhere, that I've got to be well, that the investigation has to be well and truly over, that it has to be concluded with full transparency. In other words, bring it. What is the whole criminal investigation about? Well, the Federal Reserve is remodeling two out of its four buildings that make up the Federal Reserve compound in Washington. They haven't been remodeled in a hundred years since they were built. You're talking about asbestos. You're talking about old elevators, old wiring, old HVACs, you know, heating and air conditioning. And there's some cost overruns.

I mean, after COVID, the supply chain for construction materials has gone through the roof. Donald Trump knows that, right? He doubled the price of his own ballroom. But they decided to open up a criminal investigation of Jay Powell related to the cost overruns, as if he's lining his own pockets with money. You saw Jay Powell. He's lining his own pockets. with money from the construction overruns, that's the crime. That's so ludicrous that Jeb Bosberg,

chief judge of all grand jury proceedings in the federal court in D.C., just dismissed the subpoenas. The grand jury subpoenas were quashed by Jeff Bozberg, who declared there is no criminal case of any merit at all, no evidence whatsoever to justify the prosecutors going after J. Powell. In other words, it's a bad faith prosecution. And of course, that later. to Janine Piro, basically getting all angry on behalf of Donald Trump and saying she's going to appeal and she's going to go after Jay Powell. And somebody asked her, well, what do you think that means for the confirmation of Jay Powell's successor, Kevin Warsh? You know, how are you going to get that guy confirmed to replace if you're still running your criminal investigation? Play the clip.

Jerome Powell today is now bathed in immunity preventing my office. from investigating the Federal Reserve. This is wrong and it is without legal authority. And so this decision today by Judge Boasberg runs directly afoul of our highest court's admonition that courts and judges must not and cannot saddle grand juries with many trials and preliminary showings, showings that impede a prosecutor's investigation and thus frustrate the public's interest

in the fair and expeditious administration of justice. No one, folks, is above the law. And this outrageous decision will be appealed by the United States Department of Justice. Donald Trump miscalculated. We start a lot of hot takes videos with Donald Trump miscalculated. Whether it's Iran, you know, we just had reporting today that Iran took out 17% of our ally cutter and its natural gas pipeline. It's going to be three to five years before they get that back online. So 17% of natural gas just sort of disappeared in terms of volume, meaning the prices of natural gas are going to go way up over the next three to five.

years which are going to impact you and me in our pocketbook. Miscalculation. Miscalculation about the strait of Harmoos and how much oil could move through once Iran decided to shut it down. And miscalculations about J. Powell. They thought they were going to embarrass their way into having J. Powell resign before May 15th of 2026, just in about a month and a half, which is when his chairmanship is over, and then embarrass him to resign from the entire Federal Reserve Board. in 2028. But all you have to do is watch Jay Powell school Donald Trump about the cost overrun and turn the tables on him when Trump tried to embarrass him in real time in a press conference

to know that Jay Powell wasn't going anywhere. Play the clip. It looks like it's about $3.1 billion, one up a little bit or a lot. So the 2.7 is now 3.1. I'm not aware of that. Yeah, it just came out. Yeah, I haven't heard that from anybody to fit. I just came out.

I noticed that at about 3.1 as well. 3.1, 3.2. This came from us? Yes. I don't know who does that. You're including the Martin renovation. You just added in a third building is what that is. That's a third building.

Well, I know, but it's a building that's being built. No, it was built five years ago. We finished Martin five years ago. It's part of the overall work. So, uh, so we're going to take a look. take a look. We're going to see what's happening. And it's got a long way. Do you expect any more additional plus overall ones? Don't expect them. We're ready for them. But we have a little bit of a reserve that we may use. But no, we don't. Expect to be finished in 2007. We're well

along, as you can see. Nice to take these off every once in a while when we're not under too much danger. That's the guy they've been effing with. That's the guy they thought more mean tweets is going to make him resign. Really? Now, why is there this fight? Let's do a teachable moment now about the Federal Reserve. It's comprised of seven members. As currently constituted, four of those members were appointed by non-Trump people, Biden, Obama, and the like. The four non-Trumpers, which are the majority of the Federal Reserve, are Powell. His term expires in 2028, chairmanship in 2026, but his full term in 2028. Jefferson in 2036, a second one in 2032, and Cook in 2038.

Not going anywhere. The three non, the three Trumpers, Waller, his term expires in 2030, Bowman in 2034. And then the third one, which is expiring now, should be Kevin Warsh. and that one goes, and that one has to be replaced. Now, the reason why the majority control of that board is so important is because the majority picks who are the other members of the Federal Open Markets Committee, which meets monthly, quarterly to talk about interest rates. That's a 12-member committee.

Seven of them are the Board of Governors I just described. Five come from the Federal Reserve's, Regional Banks, and their presidencies. that's picked by the majority on the Federal Reserve's Board of Governors. So if you get control, which Donald Trump wants to do, if Jay Powell were to say, I've had it, I throw in the towel, Donald Trump gets the majority of the Board of Governors. He wipes out and picks five new members from the presidents. He fires all the regional presidents,

and now he's got control of the Federal Open Markets Committee. So it's not just about one vote. If he gets one vote on the board of governors, he really picks up the majority over on the open markets committee to set interest rates, and that's what he wants. So that's what we're watching. So the fact that Jay Powell has decided he needs to stand and fight until the very and the bitter end, and he's not going anywhere. And then I love the extra little twist, which is, hey, if you can't get your guy confirmed

for the chairmanship, Kevin Warsh, I'm happy to stay on as the chair until you do. That's happened three or four times in our history during confirmation processes. So we're going to continue to follow it all. You're on the Midas Touch Network, your independent channel of choice. Legal AF, YouTube needs your support and love is welcome over there. Hit the free subscribe button. So until my next report, I'm Michael Popak.

Can't get your fill of legal AF. Me neither. That's why we formed the legal AF substack. Every time we mention something in a lot of, a hot take, whether it's a court filing or a oral argument. Come over to the substack. You'll find the court filing and the oral argument there, including a daily roundup that I do call, wait for it, morning a.F. What else? All the other contributors from legal layoff are there as well. We got some new reporting. We got interviews. We got ad-free versions of the podcast and hot takes where

legal A-F on substack. Come over now to free subscribe. Getting ready for a game, means being ready for anything, like packing a spare stick. I like to be prepared. That's why I remember 988, Canada's suicide crisis helpline. It's good to know, just in case. Anyone can call or text for free confidential support from a train responder anytime. 988 suicide crisis helpline is funded by the government in Canada.