Sen. Rand Paul (R-KY) introduced legislation on Thursday calling for auditing the Federal Reserve. The senator’s proposal comes after Federal Reserve Chairman Jerome Powell has faced scrutiny for the $2.

J.P. Morgan warned in a note that Trump's pressure on the Federal Reserve and threats to fire Chair Powell could undercut central bank independence and increase inflation risks.

The U.S. banking system is healthy, providing a strong foundation for the overall economy amid current uncertainties. Read what investors need to know.

AP reporter Chris Rugaber explains the role of the Federal Reserve and why an independent Fed is important. (AP video: River Zhang)

Former president of the Federal Reserve Bank of Cleveland Loretta Mester says it's important that the Fed stays independent and that fiscal politics should not interfere with monetary policy makers and their decisions.

While that would set a tone at the board of governors, whose seven members are permanent members of the Federal Open Market Committee, it won't necessarily translate entirely into monetary policy ( more toward bank reserve rates ).

A federal judge has ruled that President Donald Trump illegally fired two Democrats on the Federal Trade Commission earlier this year in his efforts to exert control over independent agencies across the government.

Trump administration official Bill Pulte released a statement suggesting that Fed Chair Jerome Powell is considering resigning amid mounting pressure on his leadership.

The latest Federal Reserve study of economic conditions reveals that businesses that did not raise prices or pass on the impact of tariffs to their customers are likely to take a hit on their profit margins.