{"id":11512,"date":"2026-01-12T04:51:09","date_gmt":"2026-01-12T04:51:09","guid":{"rendered":"https:\/\/microvibenews.com\/?p=11512"},"modified":"2026-01-12T04:51:09","modified_gmt":"2026-01-12T04:51:09","slug":"key-gop-senator-says-he-wont-confirm-anyone-for-the-fed-until-doj-probe-on-powell-is-resolved","status":"publish","type":"post","link":"https:\/\/microvibenews.com\/?p=11512","title":{"rendered":"Key GOP senator says he won’t confirm anyone for the Fed until DOJ probe on Powell is resolved"},"content":{"rendered":"

<\/p>\n

Lawmakers sounded the alarm on the Justice Department\u2019s criminal inquiry into Federal Reserve Chairman Jerome Powell, putting at risk President Donald Trump\u2019s efforts to name a new central bank leader.<\/p>\n

\n

On Sunday, Powell revealed that the DOJ served the Fed with grand jury subpoenas, threatening a criminal indictment over his testimony before the Senate last June related to renovations on the headquarters, which has seen cost overruns.<\/p>\n

He called the allegations a pretext and said the investigation was really aimed at the Fed\u2019s ability to set interest rates without political pressure. Trump has attacked Powell for much of the last year over his reluctance to cut rates, though the president said he didn\u2019t know about the DOJ probe.<\/p>\n

But Republican Sen. Them Tillis agreed with Powell\u2019s assessment and instead pointed the finger at the DOJ.<\/p>\n

\u201cIf 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,\u201d he wrote in a post on X. \u201cIt is now the independence and credibility of the Department of Justice that are in question.\u201d<\/p>\n

Tillis sits on the Senate Banking Committee, which oversees the Fed and would vote on anyone Trump tries to put on the central bank. <\/p>\n

Powell\u2019s term as chair expires in May, and Trump has said he already has someone in mind to replace him who will lower rates further. But the DOJ investigation into Powell could blow up that process.<\/p>\n

\u201cI will oppose the confirmation of any nominee for the Fed\u2014including the upcoming Fed Chair vacancy\u2014until this legal matter is fully resolved,\u201d Tillis said.<\/p>\n

While Powell\u2019s term as chair expires in May, his term as a member of the Fed board of governors expires in 2028. When prior Fed chairs have stepped down, they typically have resigned from the board as well. Powell could choose to stay to preserve the Fed\u2019s independence.<\/p>\n

Sen. Elizabeth Warren, a Democrat who also sits on the Senate Banking Committee, accused Trump of trying to force Powell off the Fed board \u201cto complete his corrupt takeover of our central bank.\u201d<\/p>\n

\u201cHe is abusing the law like a wannabe dictator so the Fed serves him and his billionaire friends,\u201d she added. \u201cThe Senate must not move ANY Trump Fed nominee.\u201d<\/p>\n<\/div>\n

#Key #GOP #senator #wont #confirm #Fed #DOJ #probe #Powell #resolved<\/p>\n","protected":false},"excerpt":{"rendered":"

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