Summary
Leading Republican senators are concerned about the Department of Justice (DOJ) investigation into Federal Reserve Chair Jerome Powell. They say the probe is delaying the confirmation of President Donald Trump’s nominee to replace Powell, Kevin Warsh.
Key Facts
- GOP senators, including Majority Leader John Thune and Senator Thom Tillis, want the DOJ to end its investigation into Powell.
- The DOJ probe relates to Powell’s testimony and large cost overruns on Federal Reserve building renovations.
- Renovation costs rose $600 million to $2.5 billion due to inflation, asbestos removal, and building rules.
- Powell claims the investigation is a response to the Fed’s independent decisions on interest rates.
- A federal judge ruled the subpoenas for Powell were unjustified and intended for an improper purpose.
- Senator Tillis said he will delay Warsh’s confirmation until the DOJ finishes its probe.
- Other Republicans want the DOJ to drop the investigation to help confirm the president’s nominee.
- President Trump has threatened to fire Powell amid the dispute.
