For months, the renovation of the Federal Reserve’s headquarters in Washington has been a subject of friction between the White House and the central bank. On Jan. 11, Fed Chair Jerome Powell said the Justice Department had issued subpoenas in advance of a possible criminal indictment related to the ongoing work.

The importance of an independent Fed was cemented for most economists after the extended inflation spike of the 1970s and early 1980s.

Powell was responding to grand jury subpoenas delivered to the Federal Reserve related to his congressional testimony regarding construction work at the Fed headquarters.

U.S. District Judge Amy Berman ruled the CFPB can continue to get its funds from the Federal Reserve, though the Fed is operating at a loss, and the White House has made a new legal argument that way the CFPB gets its funds is not valid.

Greg Bishop touches on the Federal Reserve chairman releasing a statement in response to a federal investigation into the central bank's recent testimony to congress and renovations of the Fed's Washington D.