The Federal Reserve has several tools to manage the money supply and keep the economy running smoothly. Learn how the central bank sets monetary policy.

Federal Reserve Chair Jerome Powellsaid Sunday the Department of Justice has served the central bank with subpoenas and threatened it with a criminal indictment over his testimony this summer about the Fed's building renovations.

"The Department of Justice served the Federal Reserve with grand jury subpoenas," Federal Reserve Chair Jerome Powell said on Jan. 11.

The chair of the Federal Reserve oversees the U.S. banking system and helps steer monetary policy. The chair's salary is set by the U.S. Congress.

The US attorney’s office for the District of Columbia has opened a criminal investigation into Federal Reserve Chair Jerome Powell, according to a report.

On January 13, central banks of several countries and international institutions issued a joint statement expressing support for Jerome Powell, head of the US Federal Reserve System (FRS, which serves as the central bank),

European Central Bank and global central banks back US Federal Reserve and Jerome H Powell, stressing central bank independence for economic stability.

The Fed is a separate agency from the U.S. Treasury, but both are responsible for keeping the economy stable. Here's the difference between the two bodies.