Republicans break with Trump over DOJ probe of Fed chair Jerome Powell

Time reports that Republican lawmakers have publicly broken with the Trump administration after the Department of Justice opened a criminal investigation into Federal Reserve Chair Jerome Powell. Powell confirmed that the Fed received grand jury subpoenas from the DOJ on Friday as part of an inquiry into whether he lied to Congress last June about the central bank’s headquarters renovation project.

He called the actions “unprecedented,” urged the public to view the probe “in the broader context of the [Trump] Administration's threats and ongoing pressure,” and said the threat of criminal charges stemmed from the Fed setting interest rates based on its assessment rather than following the President’s preferences.

The White House has said Trump did not order the DOJ to launch the probe; press secretary Karoline Leavitt said, “The President has every right to criticize the Fed chair… as for whether or not Jerome Powell is a criminal, that’s an answer the Department of Justice is going to have to find out.” Several Republicans criticized the investigation.

Key Topics

Politics, Jerome Powell, Donald Trump, Federal Reserve, Republican Party, Grand Jury Subpoenas