House Democrats Push for Investigation into DOJ Actions Against Fed Chairman
House Democrats are demanding a congressional inquiry into the Trump administration’s criminal investigation concerning Federal Reserve Chairman Jerome Powell.
Representative Jamie Raskin, who is the top Democrat on the House Judiciary Committee, is collaborating with Representative Jared Moskowitz and other colleagues to request that Chairman Jim Jordan initiate an investigation. The letter highlights that, according to Powell, the Department of Justice has commenced what they label a baseless criminal investigation into his statements about renovations to the Federal Reserve’s historic building.
The letter critiques the investigation as a blatant effort by the president to pressurize the board into manipulating interest rates according to his own preferences, rather than based on sound evidence or the public good.
Additionally, some Republican senators are suggesting that Chairman Powell should resign to sidestep potential criminal charges.
Democrats have referred to the DOJ inquiry as a “coordinated attack” on the autonomy of the nation’s central banking system. They are asking Jordan to hold a public hearing and potentially subpoena Attorney General Pam Bondi and other DOJ officials.
The investigation targeting Powell is being spearheaded by Jeanine Pirro, the U.S. attorney for the District of Columbia, who claims Powell has not been cooperative in their information-gathering efforts.
Pirro also noted that there are no imminent criminal charges against Powell, a point he echoed in his response. She stated, “The U.S. Department of Justice reached out to the Fed multiple times regarding cost overruns and the chairman’s congressional testimony, but was met with silence, prompting legal action. This is not a threat; the term ‘indictment’ came from Powell himself.”
She added that if they had responded appropriately to the DOJ’s inquiries, the situation might not have escalated. “This agency acts based on facts and nothing else,” Pirro emphasized, asserting their expectation for full cooperation from Powell.
Powell, in a recent statement, contended that the DOJ is “threatening to pursue criminal charges” related to his congressional testimony from last June. He maintains that the investigation is truly a challenge to the Fed’s independence in setting interest rates, particularly considering Trump’s repeated public pressures for more aggressive rate cuts.
Trump has openly criticized Powell multiple times, especially regarding the Fed’s approach to interest rate reductions. In an interview, Trump denied any involvement in initiating this investigation while commenting that Powell hasn’t excelled at the Federal Reserve. Notably, he clarified that there are currently no plans to dismiss Powell.
This investigation, however, is causing discomfort among lawmakers from both political parties, with nearly all Democrats and even some Republicans expressing opposition.
Chairman of the House Financial Services Committee, French Hill, remarked that “pursuing criminal charges over building renovation testimony is nonsensical at a time when our economy requires attention and focus.” He warned that these actions could undermine the capability of current and future administrations to make judicious monetary policy decisions.
For comments on the Democrats’ letter, Fox News Digital reached out to the White House and the Justice Department, but received no immediate responses from either.
