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Trump Insists on Criminal Investigation of Powell, Vows to Get to the Bottom of It Despite Party Pushback
BlockBeats News, February 3rd - U.S. President Trump stated on Monday that the criminal investigation against Federal Reserve Chair Powell should continue and will not be stopped by internal Republican opposition. Previously, Republican Senator Tillis warned that if the investigation is not concluded, he would oppose any new nominee for Federal Reserve Chair, potentially stalling Kevin Warsh's nomination.
Trump, at the White House, said that the federal prosecutor in charge of the investigation, Jeanne Pirro, should "get to the bottom of the facts and draw a conclusion." Powell has confirmed that he is under criminal investigation and has countered that the allegations stem from the Federal Reserve's failure to expedite interest rate cuts as requested by Trump, emphasizing that interest rate decisions are based on the public interest.
Reports indicate that the investigation is related to a high-cost renovation project at the Federal Reserve headquarters. Powell's term is set to end in May, and the investigation has intensified market uncertainties about the Fed's independence and policy outlook amid nomination maneuvers.
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