Senators respond with concerns over the independence of the central bank.
Federal Reserve Chair Jerome Powell announced that the U.S. Department of Justice (DOJ) served the central bank with grand jury subpoenas over his testimony before the Senate Banking Committee last summer. Representative Anna Paulina Luna of Florida had referred the Fed chair to the DOJ for perjury in July 2025.
Chairman Powell said his testimony “concerned in part a multi-year project to renovate historic Federal Reserve office buildings.” He stated, “I have deep respect for the rule of law and for accountability in our democracy. No one—certainly not the chair of the Federal Reserve—is above the law.”
He continued that the investigation was a “consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the president.”
Senator Thom Tillis of North Carolina stated that he would “oppose the confirmation of any nominee for the Fed—including the upcoming Fed Chair vacancy—until this legal matter is fully resolved.” He stated that President Trump’s administration is “actively pushing to end the independence of the Federal Reserve.”
Senator Lisa Murkowski of Alaska called on Congress to conduct an investigation into the Justice Department’s probe. She said that project overruns, such as the Federal Reserve has experienced with its renovation, “are not unusual.” She added, “If the Federal Reserve loses its independence, the stability of our markets and the broader economy will suffer.”
House Speaker Mike Johnson said that the Justice Department is not being weaponized. “We are going to let the investigation play out. There’s concerns about cost overruns,” Speaker Johnson said. “We’ll have to reserve judgment. If Chairman Powell is innocent, then he can prove that, and it’ll all come out.”
A Justice Department spokesperson explained, “The Attorney General has instructed her U.S. Attorneys to prioritize investigating any abuse of taxpayer dollars.”
As the Lord Leads, Pray with Us…
- For Attorney General Bondi as she oversees the investigation into Chairman Powell’s testimony regarding the cost overruns for the renovation.
- For Chairman Powell as he presides over the Federal Reserve and its renovations until May.
- For the senators as they express concerns over the purpose of the Justice Department investigation.
Sources: The Epoch Times, UPI News, Townhall
