House Democrats are demanding a congressional inquiry into the Trump administration’s criminal investigation of Federal Reserve Chairman Jerome Powell.
Rep. Jamie Raskin, D-Md., the top Democrat on the House Judiciary Committee, is joining forces with Rep. Jared Moskowitz, D-Fla., and other members of their party to ask Chairman Jim Jordan, R-Ohio, to open the probe.
‘As Jerome Powell, the Trump-appointed Chair of the Federal Reserve Board, explained to the nation on Sunday, the Department of Justice (DOJ) has launched a sham criminal investigation into statements Chair Powell made about renovations to the Board’s historic building,’ the letter read.
‘That investigation is a flagrant attempt by the President to bully and intimidate the Board into setting interest rates not based on evidence, economic conditions, or the public interest but instead based on the President’s own whims.’
The Democrats called the DOJ’s probe a ‘systematic assault on the independence of our central bank.’
They asked Jordan to hold a public hearing on the issue and even potentially subpoena Attorney General Pam Bondi and relevant Department of Justice (DOJ) officials to testify.
The investigation into Powell is being led by U.S. Attorney for the District of Columbia Jeanine Pirro, who accused Powell of not cooperating with her office’s search for information.
Pirro also suggested there was no immediate threat of a criminal indictment, something Powell mentioned in his statement responding to the probe.
‘The United States Attorney’s Office contacted the Federal Reserve on multiple occasions to discuss cost overruns and the chairman’s congressional testimony, but were ignored, necessitating the use of legal process—which is not a threat. The word ‘indictment’ has come out of Mr. Powell’s mouth, no one else’s,’ Pirro wrote on X.
‘None of this would have happened if they had just responded to our outreach. This office makes decisions based on the merits, nothing more and nothing less. We agree with the chairman of the Federal Reserve that no one is above the law, and that is why we expect his full cooperation.’
Powell said in a statement Sunday that DOJ was ‘threatening a criminal indictment related to my testimony before the Senate Banking Committee last June.’
He alleged, however, that the investigation was really motivated by the Fed’s independence in setting interest rates despite President Donald Trump publicly pressuring the body to lower them at a faster pace.
Trump has criticized Powell publicly on multiple occasions, including for the Fed’s pace of lowering interest rates.
Trump denied any involvement in starting the probe in an interview with NBC News earlier this week, though adding, ‘he’s certainly not very good at the Fed, and he’s not very good at building buildings.’
The president also told Reuters on Wednesday that he had no current plans to fire Powell.
The probe nevertheless has caused some heartburn on both sides of Capitol Hill, with virtually all Democrats and even some Republicans pushing back against it.
‘Pursuing criminal charges relating to his testimony on building renovations at a time when the nation’s economy requires focus and creates an unnecessary distraction,’ House Financial Services Committee Chairman French Hill, R-Ark., said in a statement. ‘The Federal Reserve is led by strong, capable individuals appointed by President Trump, and this action could undermine this and future Administrations’ ability to make sound monetary policy decisions.’
The White House referred Fox News Digital to the DOJ for comment on Democrats’ letter. Pirro’s office declined to comment.
Fox News Digital also reached out to Jordan’s office for comment but did not immediately hear back.