Republican protests are growing louder on Capitol Hill as the Trump administration’s Department of Justice pursues a criminal investigation into Federal Reserve Chair Jerome Powell.
Powell on Sunday night revealed that the Justice Department opened an investigation into his handling of renovations to the central bank’s headquarters and his testimony about the matter to Congress. Powell said the investigation was an attempt to intimidate him as he lowers interest rates at a slower pace than President Donald Trump desires.
The GOP resistance could derail his eventual pick to succeed Powell when the Fed chief’s term is up in May, as North Carolina Republican Sen. Thom Tillis, a member of the Senate Banking Committee, threatens to block any nominee to the central bank until the investigation is resolved. Tillis’ comments are now being echoed by other Republicans.
Sen. Lisa Murkowski, R-Alaska, wrote in a post on X, that the “administration’s investigation is nothing more than an attempt at coercion,” and called for a congressional investigation into the matter.
“If the Department of Justice believes an investigation into Chair Powell is warranted based on project cost overruns—which are not unusual—then Congress needs to investigate the Department of Justice,” Murkowski said. “The stakes are too high to look the other way: if the Federal Reserve loses its independence, the stability of our markets and the broader economy will suffer. My colleague, Senator Tillis, is right in blocking any Federal Reserve nominees until this is resolved.”
