Trump administration inquiry into Fed chairman raises hackles even among Senate Republicans

Published



President Donald Trump has spent months criticizing Federal Reserve Chairman Jerome Powell over interest rates, repeatedly arguing they should be lower. Now the Justice Department has opened a criminal investigation tied to Powell’s testimony on a costly Fed renovation project, prompting swift criticism from economists and former Fed chairs.

On Capitol Hill, a small but vocal group of Republicans has warned that the investigation risks politicizing the central bank at a sensitive moment for monetary policy. The sharpest response has come from Sen. Thom Tillis (R-NC), who is not running for reelection. Tillis recently said he would oppose any Fed nominee put forward by the White House until the matter involving Powell is resolved.

Full midterm coverage.Deeper analysis.

Get unlimited access to Washington Examiner's reporting, expert analysis, and coverage of the midterm elections.

Get Unlimited Access

Cancel anytime.