Most Americans don’t follow the Federal Reserve. They don’t watch interest rate decisions or fiscal policy debates. But today, what’s happening at the Fed is a HUGE deal for every working family in this country — and for the future of our democracy.

Last weekend, the Department of Justice served a criminal subpoena to Federal Reserve Chair Jerome Powell and threatened him with a possible indictment over testimony he gave to Congress about a building renovation project.

Think about what that means.

The Federal Reserve is supposed to be fully independent from political interference — insulated so that interest rate decisions and monetary policy aren’t decided based on who’s in the White House that week. The Fed’s independence isn’t some abstract technicality. It’s a core safeguard of our economy. It helps keep inflation under control, protects jobs, and underpins confidence in everything from home mortgages to small business loans.

But now? The Trump administration is using the Justice Department — the very people sworn to uphold the rule of law — to investigate the Fed chair because he refused to cave to political pressure on interest rates.

Let that sink in.

A President who can’t get his way on monetary policy wants to criminally investigate the central banker. This isn’t oversight. It’s not accountability. It’s intimidation. It’s an attempt to break what should be an independent institution. And it sets a terrifying precedent.

If Powell can be threatened with criminal charges for doing his job, who’s next? Supreme Court justices? Governors? Agency heads? Any official who refuses to bend to political whims?

This isn’t just about interest rates. This is about whether American institutions remain independent of political retaliation.

And it explains everything about why Trump’s opponents must win in 2026.

When power goes unchecked, when norms are broken, when our fundamental safeguards are turned into political weapons, democracy loses. Working families lose. Economic stability loses.

That’s what we’re up against. We have one chance — one midterm election in 2026 — to build real Democratic power that can defend this country’s institutions, enforce checks and balances, and stop the slide toward authoritarianism.

If you see how big this moment is, please chip in today to help us build the infrastructure to win.

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We have to act before our norms are gone.

— Building Blue