‘I don’t know anything about it’

President Donald Trump denied having any knowledge of the Justice Department’s investigation into the Federal Reserve after the agency subpoenaed the central bank Friday.

“I don’t know anything about it, but he’s certainly not very good at the Fed, and he’s not very good at building buildings,” Trump said of Federal Reserve Chair Jerome Powell.

Powell said Sunday that the Justice Department was threatening the Federal Reserve with possible criminal indictment related to his testimony before the Senate in June about the renovation of the agency’s office buildings.

“No one — certainly not the chair of the Federal Reserve — is above the law,” Powell said. “But this unprecedented action should be seen in the broader context of the administration’s threats and ongoing pressure.”

The move comes after a yearlong campaign by Trump to pressure Powell to lower interest rates, and Powell said Sunday he believed the latest move by the administration was part of that effort.

« 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, » Powell said.

Trump told NBC News Sunday that the Justice Department subpoenas have nothing to do with interest rates.

“No. I wouldn’t even think of doing it that way. What should pressure him is the fact that rates are far too high. That’s the only pressure he’s got,” Trump said.

“He’s hurt a lot of people,” he added. “I think the public is pressuring him.”

The Justice Department’s investigation met with swift backlash from Sen. Tom Thillis, R-N.C., a member of the Banking Committee who said he will not vote to confirm any of Trump’s nominees — including for the position of chair — for the Federal Reserve.

“I will oppose the confirmation of any nominee for the Fed—including the upcoming Fed Chair vacancy — until this legal matter is fully resolved,” he said in a statement.

“If there were any remaining doubt whether advisers within the Trump Administration are actively pushing to end the independence of the Federal Reserve, there should now be none,” he said in a statement.

Powell’s term as chairman ends in May, but his position as a member of the Federal Reserve’s Board of Governors doesn’t expire until 2028.

The White House declined to comment, referring all inquiries to the Justice Department. A spokesperson for that agency said they could not comment on any specific case.

“The Attorney General has instructed her U.S. attorneys to prioritize investigating any abuse of taxpayer dollars,” the spokesperson said.

Timothy Lauer, a spokesperson for the office of the U.S. attorney for the District of Colombia — the office handling the case — said, “We do not comment on ongoing investigations.”