Call for Powell’s Resignation Amid Investigation
Senator Kevin Cramer (D) proposed on Tuesday that Federal Reserve Chairman Jerome Powell should step down to potentially avoid prosecution. He suggested that this resignation could persuade the Department of Justice (DOJ) to pause its investigation into Powell.
This suggestion arose following the DOJ’s announcement on Sunday about a criminal investigation regarding Powell, centering on renovations at the Fed’s headquarters in Washington and the accuracy of his Congressional testimony on the matter.
“If I were Jay Powell’s lawyer looking to dodge prosecution, I might go to Jeanine Pirro and propose something like, ‘If you stop investigating, I’ll resign today,'” Cramer shared during an appearance on Fox Business’ “Kudlow.” He added that this strategy could benefit everyone involved.
Jeanine Pirro, the U.S. attorney for the District of Columbia, mentioned on Monday that her office had made several attempts to engage with the Fed about cost overruns and the chairman’s Congressional testimony but was met with silence, leading to the decision to pursue legal action. “This isn’t a threat,” she clarified.
“The term ‘indictment’ came straight from Mr. Powell,” Pirro emphasized. “Had they responded to our inquiries, this situation might have been avoided. We make decisions based solely on the facts, and we expect his full cooperation.”
Last year, Powell testified before the Senate Banking Committee about extensive renovations estimated at $2.5 billion for two major office buildings at the Federal Reserve’s Washington headquarters. This funding is covered by the central bank, not taxpayers.
In a video statement on Sunday, Chairman Powell acknowledged receiving a “grand jury subpoena” that suggested “criminal charges.” He stated his respect for the law and Congressional oversight but criticized the DOJ’s actions as “unprecedented” and politically motivated.
“This threat isn’t about my testimony or the renovation project,” he insisted, noting that it stems from the Fed’s decision to set interest rates according to its best judgment, rather than catering to presidential demands.
Cramer also noted that bringing charges against the Fed could adversely affect the economy. “We certainly don’t want to disrupt this robust economy we’re experiencing now,” he stated, emphasizing the need to focus on larger issues rather than legal battles.
The U.S. Attorney’s Office for the District of Columbia did not respond immediately to requests for comments from Fox News Digital.
