US EditionTop Financial Services Republican: Powell investigation an ‘unnecessary distraction’
The DOJ probe into Powell’s Fed headquarters renovation statements risks delaying Senate votes on nominees amid GOP concerns about political motives and Fed independence.
- On Sunday, January 11, Federal Reserve Chairman Jerome Powell announced the U.S. Department of Justice is investigating him, jeopardizing the Senate confirmation process for future Fed nominees.
- Powell said the probe is a contrived justification aimed at removing him, calling it a pretext tied to President Donald Trump's frustration over Federal Reserve independence and rate policies.
- House Financial Services Chair French Hill rebuked the investigation as an unnecessary distraction and defended Powell’s integrity, while Sen. Lisa Murkowski called it coercion and Sen. Cynthia Lummis urged waiting for DOJ findings.
- On Monday, Senate Majority Leader John Thune said allegations 'better be real and they better be serious,' as Senate Banking Republicans plan to discuss Powell probe delays, with Tillis opposing nominees until resolved.
- The dispute underscores intra-GOP disagreement over DOJ actions, as at least four Senate Republicans oppose the probe, warning Federal Reserve independence risks market stability and the broader economy.
5 Articles
5 Articles
Arkansas Republican calls Trump DOJ’s Powell probe an 'unnecessary distraction'
On Sunday, January 11, U.S. Federal Reserve Chairman Jerome Powell made a bombshell announcement: He is facing a criminal investigation from the U.S. Department of Justice (DOJ). The announcement sparked an immediately backlash on Capitol Hill — mostly from Democrats, including Sen. Elizabeth Warren...
GOP Rep. Hill Says Powell Probe an ‘Unnecessary Distraction’
“Pursuing criminal charges relating to his testimony on building renovations at a time when the nation’s economy requires focus and creates an unnecessary distraction,” House Financial Services Chair French Hill says of the DOJ’s probe into Fed Chair Jerome Powell.
The Upside to Threatening Powell: A Blueprint for Post-Trump Accountability
With his poll numbers in the dumps, especially when it comes to how Americans feel about the economy and high prices, Donald Trump is desperate for some quick fixes this year. One of them was the attack on Venezuela and the subsequent looting of the country’s oil. Apparently, another is to replace Federal Reserve Chairman Jerome Powell with a patsy who will allow the president to dictate the country’s monetary policy. To do so, Trump needs a rea…
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