Senate Republicans Push Back on DOJ Investigation of Fed Chair Powell

The Justice Department's criminal investigation into Federal Reserve Chairman Jerome Powell is drawing sharp criticism from Republican senators and a rare public rebuke from former top economic officials.

Powell says the inquiry is an effort to pressure him to meet President Trump's demands to cut interest rates. The Federal Reserve received grand jury subpoenas last week tied to Powell's Senate testimony last June about the Fed's multi-billion dollar renovation of its Washington headquarters—a project Trump has repeatedly attacked, though it does not use taxpayer funds.

Several Senate Republicans have spoken out against the investigation. Louisiana Sen. John Kennedy said he would be "stunned" and "shocked" if Powell did anything wrong. North Carolina Sen. Thom Tillis called it "another example of amateur hour" and vowed to block any Trump Fed nominees.

In a joint statement, every living former Fed chair joined several former Treasury secretaries and other top economic officials in warning the inquiry threatens the Fed's independence and the U.S. economy. "It has no place in the United States, whose greatest strength is the rule of law," they wrote.

Even Treasury Secretary Scott Bessent has expressed frustration with the investigation to President Trump, calling it a distraction, according to a source familiar with the conversation.

House Speaker Mike Johnson defended the administration, saying the Justice Department "is not being weaponized." The White House denies the president sought an investigation of Powell, though Press Secretary Karoline Leavitt said whether Powell is a criminal "is an answer the Department of Justice is going to have to find out."

D.C. U.S. Attorney Jeanine Pirro wrote on social media that her office contacted the Fed to discuss cost overruns and Powell's testimony but "were ignored, necessitating the use of legal process."