May 12, 2026 FRONTLINE
An examination of President Donald Trump’s unprecedented attempts to assert control over the most powerful institution in the U.S. economy: the Federal Reserve.

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“The President vs. the Fed” illuminates the roots and stakes of President Trump’s battle with Federal Reserve Chair Jerome Powell over the independence of the country’s central bank and its policy decisions.

As the documentary reports, Congress designed the Fed to be insulated from political interference so it would be free to act in the long-term interest of the economy, including by making at-times unpopular monetary policy decisions. But Trump allies argue the Fed’s independence has shielded it from accountability for its mistakes and that Trump was within his rights to try to force Powell out.

With clarity and precision, “The President vs. the Fed” examines where the battle stands now and how — with inflation on the rise amid the effects of the Iran war and Trump tariff fallout — the Fed led by Powell’s successor Kevin Warsh will likely face not only a tricky political landscape but an economic one as well.

“The President vs. the Fed” is a FRONTLINE production with Left/Right Docs. The director and correspondent is James Jacoby. The producers and writers are Anya Bourg and James Jacoby. The senior producer is Frank Koughan. The managing editor of FRONTLINE is Andrew Metz. The editor-in-chief and executive producer of FRONTLINE is Raney Aronson-Rath.