Congressional Republicans….
A growing number of Republicans on Capitol Hill are expressing unease with the Justice Department’s move to investigate Federal Reserve Chair Jerome Powell, a sign that the probe could become a major inflection point over GOP lawmakers’ concerns about central bank independence.
Powell announced Sunday that the DOJ is investigating him over statements to Congress about renovations of the Fed’s headquarters in Washington. He said the issue was a pretext to target him in response to President Donald Trump’s frustration over the Fed’s hesitance to aggressively lower interest rates.
Sen. Kevin Cramer (R-N.D.), a Powell critic who sits on the Senate Banking Committee, said in a statement Monday that “Jerome Powell is a bad Fed Chair who has been elusive with Congress, especially regarding the overruns of the elaborate renovations of the building.”
“I do not believe however, he is a criminal,” he said. “I hope this criminal investigation can be put to rest quickly along with the remainder of Jerome Powell’s term. We need to restore confidence in the Fed.”
Senate Banking Republicans are expected to meet tonight to discuss major cryptocurrency legislation the panel is aiming to hold a vote on this week — and some members are expecting to discuss the Powell probe as well, according to two Republicans with knowledge of the plan who were granted anonymity to discuss closed-door matters.
“There will be a lot of chatter,” said one of the Republicans.
The investigation is also a concern for some House Republicans…
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Sen. Thom Tillis (R-N.C.) expressed his displeasure with the Department of Justice following news that it sent subpoenas to the Federal Reserve and opened a criminal investigation of Fed Chair Jerome Powell.
Tillis, who serves on the Senate Banking, Housing, and Urban Affairs Committee, posted on X that he “will oppose the confirmation of any nominee for the Fed—including the upcoming Fed Chair vacancy—until this legal matter is fully resolved….
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Republican Sen. Roger Marshall (Kan.) is questioning the value of a criminal investigation by the Department of Justice into whether Federal Reserve Chair Jerome Powell lied to Congress when he testified about building renovations, arguing “we’ve got bigger issues” to tackle.
Asked during an interview with Fox Business’s Maria Bartiromo early Monday whether the Justice Department’s investigation of Powell is political or whether the Fed chair broke the law, Marshall suggested President Trump may be “trolling” Powell, with whom he has clashed over monetary policy….
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Stock Market Drop….
The stock market opened with losses Monday in the wake of the Trump administration opening a criminal probe into Federal Reserve Chair Jerome Powell.
The Dow Jones Industrial Average was down roughly 300 points shortly after trading began for the first time since news broke of the investigation….
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News of the probe spurred bipartisan condemnation, with Democrats and Republicans siding with Powell in defense of the Fed’s independence.
“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,” Sen. Thom Tillis (R-N.C.) said in a statement….
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The U.S. stock market wobbled in early trading, and the value of the dollar slipped slightly Monday morning, early signs of potential unease among traders. Gold, which often spikes in times of uncertainty, also hit record highs. At its peak, spot gold advanced to over $4,600 an ounce, according to LSEG data reported by CNBC.…
Also ,the criminal told the New York Times that he regrets not
seizing the voting machines in 2020.
Typical move of a dictator.
Probably 80% or so of Republicans would support such a move.
Wonder where the “ freedom” ( in other words authoritarian) caucus would stand on this?
Freedom’s just another word for nothing left to lose …
Update…
The Justice Department’s criminal investigation into whether Fed Chair Jerome Powell misled Congress about renovations at the Fed headquarters — and allegations over who leaked the news — has the White House in damage-control mode. Officials are scrambling to reassure markets and create distance from an episode that aides say was never meant to unfold, according to five people familiar with the administration’s reaction who were granted anonymity to discuss it.
The inquiry, which blindsided many White House aides, is renewing fears over the future of the central bank’s independence and offering fresh fodder for concerned Senate Republicans, many of whom will be needed to confirm the next Fed chair. Powell, whose term as chair ends in May, fanned those flames Sunday night, releasing an unusually direct statement framing the investigation as an attempt to pressure the institution to lower borrowing costs.
“This feud between Powell and the White House is, obviously, not good for markets,” said Stephen Moore, a former adviser to President Donald Trump who remains close to the White House….
More….