(Screenshot/Jacquelyn Martin/AP photo)
Multiple Republican senators have come out to voice their opposition to President Donald Trump’s administration pursuing criminal charges against Federal Reserve chair Jerome Powell.
On Sunday, Powell posted a video on social media revealing he was facing a criminal investigation over the renovation of the Federal Reserve building. In the video, Powell claimed the investigation had nothing to do with the renovation project and was merely a consequence for his unwillingness to lower interest rates to Trump’s liking. In recent months, Trump has repeatedly attacked Powell and openly spoken about replacing him.
The latest action by the president, Powell said, threatened the independence of the Federal Reserve.
A number of prominent Republicans agreed. Sen. Thom Thillis (R-NC) accused the Trump administration of “actively pushing to end the independence of the Federal Reserve” and claimed he would “oppose the confirmation of any nominee for the Fed” until the matter was resolved.
Speaking to reporters about the case, Senate Majority Leader John Thune (R-SD) warned that the Trump administration’s accusations against Powell “better be real and they better be serious.”
Sen. Dave McCormick (R-PA) was firm in his opposition to the probe — telling Politico that the Fed chair “is guilty of criminal activity.” He did, however, agree with Trump’s assessment that Powell “has been slow to cut interest rates.”
Sen. Lisa Murkowski (R-AK) called the probe “nothing more than an attempt at coercion.”
“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,” she continued. “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.”
Since the publication of Powell’s video, the Fed chair has been widely praised for his defiant stance against the Trump administration.
