Cleveland Fed President Calls Trump's Powell Investigation 'Unusual'

Beth Hammack emphasizes central bank's independence amid political pressure from the administration.

Published on Feb. 13, 2026

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Cleveland Federal Reserve Bank President Beth Hammack spoke out against the Trump administration's "unusual" actions toward the Federal Reserve and Chair Jerome Powell, including an investigation into Powell. Hammack stressed the importance of the central bank's independence and its focus on economic realities in its policy decisions, despite the political noise.

Why it matters

The relationship between the White House and the Federal Reserve has become increasingly contentious, with President Trump frequently criticizing the central bank's policies and even threatening to remove Powell. Hammack's comments highlight concerns about the administration's efforts to undermine the Fed's independence, which is seen as crucial for effective monetary policymaking.

The details

During a visit to Ohio, Hammack said "Monetary independence is critically important" and that when she attends Fed meetings, she is "focused on the data and the experiences and the stories and the anecdotes" from her district, not political pressure. She described the administration's actions, including a criminal investigation into Powell and the nomination of a new Fed chair, as "unusual" and not normal.

  • On February 11, 2026, Hammack visited Ohio State University's Center for Automotive Research.
  • In late January 2026, President Trump nominated Kevin Warsh to lead the Federal Reserve after Powell's term ends in May.

The players

Beth Hammack

President and CEO of the Federal Reserve Bank of Cleveland.

Jerome Powell

Chair of the Federal Reserve.

Donald Trump

President of the United States.

Kevin Warsh

Nominee to lead the Federal Reserve after Powell's term ends.

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What they’re saying

“Monetary independence is critically important. What's critical is that we are an independent, but accountable central bank.”

— Beth Hammack, President and CEO, Federal Reserve Bank of Cleveland (The Dispatch)

“There are some things that are happening right now that are totally normal. Appointing a new chair is completely normal as terms come and go. But there are some things that have happened that have been more unusual. Trying to unseat a [Federal Reserve] governor is unusual. A criminal subpoena, that's also quite unusual.”

— Beth Hammack, President and CEO, Federal Reserve Bank of Cleveland (The Dispatch)

What’s next

The judge will decide on whether to allow the criminal investigation into Powell to proceed.

The takeaway

Hammack's comments underscore the importance of the Federal Reserve's independence from political influence, even as the Trump administration has taken increasingly aggressive actions to undermine that independence. This raises concerns about the central bank's ability to effectively carry out its mandate of promoting economic stability and growth.