What Republicans Are Saying: Trump Admin is “Pushing to End the Independence of the Federal Reserve,” “Trolling” Jerome Powell at the Expense of the “Stability of Our Markets and the Broader Economy.”
Republicans officials, including Trump stalwarts, are breaking with the Trump White House over weaponizing the DOJ against Federal Reserve Chairman Jerome Powell
Washington, D.C. – After Trump’s DOJ announced it would pursue a criminal investigation of Jerome Powell, who has refused to manipulate interest rates despite political pressure from the President, even Republican officials have broken with Trump over weaponizing the tools of government against a perceived opponent. This follows a pattern by the Trump Administration of pursuing politically-motivated retribution against political enemies.
TOP QUOTES:
Senate Majority Leader John Thune: “I haven’t seen the case or whatever the allegations or charges are, but I’d say they better be real and they better be serious…It needs to be resolved quickly because the Fed’s role and the Fed’s independence in shaping monetary policy in the country is something we need to ensure proceeds without political interference.”
NC Senator Thom Tillis: “If 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. It is now the independence and credibility of the Department of Justice that are in question...”
AK Senator Lisa Murkowski: “After speaking with Chair Powell this morning, it’s clear the administration’s investigation is nothing more than an attempt at coercion. If the Department of Justice believes an investigation into Chair Powell is warranted based on project cost overruns—which are not unusual—then Congress needs to investigate the Department of Justice. The stakes are too high to look the other way: if the Federal Reserve loses its independence, the stability of our markets and the broader economy will suffer…”
AR Congressman & House Financial Services Chair French Hill: “... Pursuing criminal charges relating to his testimony on building renovations at a time when the nation’s economy requires focus creates an unnecessary distraction… this action could undermine this and future Administrations’ ability to make sound monetary policy decisions.”
KS Senator Roger Marshall: “I think this is the president throwing out one more ― maybe he’s almost trolling here…We got bigger issues to go after than this one, though.”
ND Senator Kevin Cramer: “...I do not believe, however, that he is a criminal… I hope this criminal investigation can be put to rest quickly along with the remainder of Jerome Powell’s term…”
LA Senator John Kennedy: “I know Chairman Powell pretty well. I would be stunned if he had done anything wrong… litigation between the Federal Reserve and the executive branch of government will cause interest rates to rise…we need this like we need a hole in the head.”
TOP HEADLINES:
Axios: Stunned Republicans tread carefully on DOJ's Powell investigation
The Wall Street Journal: GOP Senators Criticize Probe of Fed Chair Powell
Semafor: Powell investigation backfires with Hill Republicans
NYT: Criminal Inquiry of Powell Draws Backlash From Some Republicans
Roll Call: GOP lawmakers ding Powell probe as coercion, distraction
A REMINDER: The Trump administration has unleashed a “year-long pressure campaign” to push Powell to cut interest rates for Trump’s political benefit regardless of economic conditions. This criminal investigation represents an “extraordinary escalation of a months-long attack on the independence of the Federal Reserve.”
