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Several Republican lawmakers have begun speaking out against the Trump administration\u2019s criminal investigation into Federal Reserve<\/a> chair Jerome Powell, with one senator going so far as to threaten all Fed nominations as a result.<\/p>\n Thom Tillis, a senator from North Carolina, vowed to block all Federal Reserve nominations after the justice department opened the investigation, inflaming tensions over the central bank\u2019s independence.<\/p>\n Tillis, a member of the banking committee that oversees Fed appointments and who is retiring at the end of his term later this year, said on Sunday he would oppose any nominee for the Fed, including the upcoming chair vacancy, \u201cuntil this legal matter is fully resolved\u201d.<\/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 Tillis wrote on X<\/a>.<\/p>\n \u201cIt is now the independence and credibility of the Department of Justice that are in question.\u201d<\/p>\n Alaska Republican senator Lisa Murkowski said she spoke to Powell on Monday morning, writing on X<\/a> it was \u201cclear the administration\u2019s investigation is nothing more than an attempt at coercion\u201d. She added that under that reasoning \u201cCongress needs to investigate the department of justice\u201d.<\/p>\n Louisiana senator John Kennedy said \u201cwe don\u2019t need this\u201d when asked about the investigation by reporters on Capitol Hill on Monday.<\/p>\n Congressmen Frank Lucas, from Oklahoma, and Mike Lawler, from New York, who sits on the House financial services committee, also weighed in with support for an independent Fed.<\/p>\n \u201cWhile I fundamentally believe Chairman Powell was late in addressing inflation under Joe Biden and has been woefully slow in lowering interest rates over the past year, the independence of the Federal Reserve is paramount and I oppose any effort to pressure them into action,\u201d Lawler told Politico.<\/p>\n The responses come days after the justice department subpoenaed the Federal Reserve as part of an investigation rooted in Powell\u2019s testimony before the Senate in June about the ballooning costs of the Fed\u2019s headquarters renovation. Powell confirmed the subpoena on Sunday and said the investigation was part of a pressure campaign linked to the administration\u2019s frustration with the Fed\u2019s interest rate policy.<\/p>\n \u201cNo one \u2013 certainly not the chair of the Federal Reserve \u2013 is above the law,\u201d Powell said in a video posted by the Federal Reserve on X<\/a>. \u201cBut this unprecedented action should be seen in the broader context of the administration\u2019s threats and ongoing pressure.\u201d<\/p>\n