⚜️Frenchy’s Tea Time & Politics : Madder Than The Hatter (@itsfrenchy.bsky.social)

GOP angst grows over Powell investigation Senate Banking Republicans are expected to meet tonight to discuss major cryptocurrency legislation and are expected to discuss the Powell probe as well. 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. Rep. Mike Lawler (R-N.Y.), who sits on the House Financial Services Committee, told POLITICO: “While I fundamentally believe Chairman Powell was late in addressing inflation under Joe Biden and has been woefully slow in lowering interest rates over the past year, the independence of the Federal Reserve is paramount and I oppose any effort to pressure them into action.” Asked about the Powell investigation on Fox Business on Monday, Sen. Roger Marshall (R-Kan.) bashed the central bank chief and said the “president is sending a message to everybody that we’re going to be looking out for fraud, waste and abuse.” But, pressed by host Maria Bartiromo about whether Powell lied to Congress, Marshall said he would “let the system play through here,” and added: “I think there’s other issues that we should be focused on.” The controversy over the renovations to the Fed’s Washington headquarters has been amplified by Senate Banking Republicans, including Chair Tim Scott (R-S.C.), who pressed Powell about the issue during a hearing last June following a New York Post article about cost overruns on the project. Now, the DOJ probe is threatening to derail the Senate’s consideration of future Fed nominees. Sen. Thom Tillis, a retiring North Carolina Republican who sits on the Banking panel, said Sunday he will “oppose the confirmation of any nominee for the Fed—including the upcoming Fed Chair vacancy—until this legal matter is fully resolved.” “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,” Tillis said in a statement. “It is now the independence and credibility of the Department of Justice that are in question.” Lead Art: Sen. Kevin Cramer (R-N.D.) is among a growing number of Republicans urging caution over a criminal investigation into Fed Chair Jerome Powell. | Ben Curtis/AP http://dlvr.it/TQJJgg