Republican senator says ‘independence and credibility’ of Department of Justice is in query amid Powell legal probe | EUROtoday

Federal prosecutors have launched a legal investigation into Federal Reserve chair Jerome Powell concerning the central financial institution’s renovation of its Washington headquarters, the official stated Sunday.

In an announcement, Powell accused the investigation of being politically pushed. President Trump has lengthy pressured the impartial central financial institution head to do extra to slash rates of interest.

“The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President,” Powell stated in an announcement.

The investigation was reportedly accredited in November by U.S. Attorney for the District of Columbia Jeanine Pirro, a former Fox News host and longtime Trump ally who was confirmed in August.

“We do not comment on ongoing investigations,” the U.S. Attorney’s Office instructed The Independent.

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“I have deep respect for the rule of law and for accountability in our democracy. No one—certainly not the chair of the Federal Reserve—is above the law,” Powell added in his assertion. “But this unprecedented action should be seen in the broader context of the administration’s threats and ongoing pressure.”

The investigation prompted criticism from Sen. Thom Tillis, a Republican member of the Senate Finance Committee, who warned the transfer undermined the independence of the Fed.

“If there were any remaining doubt whether advisers within the Trump Administration are actively pushing to end the independence of the Federal Reserve, there should now be none,” Thillis wrote on X. “It is now the independence and credibility of the Department of Justice that are in question. I will oppose the confirmation of any nominee for the Fed—including the upcoming Fed Chair vacancy—until this legal matter is fully resolved.”

The investigation follows a menace from President Trump in December to launch a “gross incompetence” lawsuit towards Powell.

Frequent critics of the president additionally spoke out towards the investigation.

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“Good for Jerome Powell for standing up to this corrupt authoritarian absurdity,” former Obama administration official and podcaster Dan Pfeiffer wrote on X.

The White House, when requested for remark, referred inquiries to the Justice Department, which didn’t instantly reply to a request for remark when contracted by The Independent.

Powell was alerted to the investigation Friday, when the Department of Justice served the Federal Reserve with grand jury subpoenas concerning Powell’s testimony final June earlier than the Senate Banking Committee in regards to the renovation.

Trump nominated Powell in 2017, however has since soured on the official, and spent a lot of 2025 pushing him to chop charges.

The renovation mission has been underway since Trump’s first time period, however solely current caught the president’s consideration, as he pushed to oust Powell.

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“When you spend $2.5 billion on, really, a renovation, I think it’s really disgraceful,” Trump stated final July.

The Trump administration has criticized the mission for going over its unique $600 million finances, a spike the Fed attributed to early 2020s inflation and an sudden quantity of asbestos that wanted elimination.

Powell’s time period as chair ends in May, although he’ll stay a Federal Reserve governor till January 2028.

President Trump instructed The New York Times this week he has a substitute in thoughts, and added that his prime financial adviser Kevin Hassett is “certainly one of the people that I like.”