Sen. Tim Scott (R-SC), chairman of the Senate Banking, Housing, and Urban Affairs Committee, backed Federal Reserve Chairman Jerome Powell in the face of the Justice Department’s investigation into his conduct, despite his policy disagreements with the central banker.

Scott said Wednesday that he does not believe Powell lied during his 2025 testimony before the Senate banking committee, which has become the epicenter of the DOJ’s criminal investigation into Powell. The controversy centers on statements Powell made under oath regarding billion-dollar renovations to the Federal Reserve buildings in Washington.