Some top Republican lawmakers on Monday assailed the Trump administration's move to open a criminal investigation into Jerome H. Powell, the Federal Reserve chair, and warned that the central bank's independence and credibility was at risk. The backlash could potentially constrain President Trump's efforts to exert legal pressure on Mr. Powell, whose term as chair expires in May but who can remain on the Fed's policy-setting board of governors until 2028. The Justice Department served the central bank with grand jury subpoenas late on Friday and is investigating whether Mr. Powell lied to Congress last year when testifying about the renovation of the Fed's headquarters.

Republican Sen. Thom Tillis (N.C.), a senior member of the Senate Banking Committee, is questioning the "credibility" of the Department of Justice's investigation of Federal Reserve Chair Jerome Powell and threatening to oppose President Trump's nominees to the central bank until the matter is 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. It is now the independence and credibility of the Department of Justice that are in question," Tillis said in a statement.

A Senate Republican again plans to act as a roadblock to President Donald Trump, this time against any potential replacement for Federal Reserve Chair Jerome Powell. Sen. Thom Tillis, R-N.C., announced that he would block any future nominee to serve as chair of the Fed following the revelation that Powell was under criminal investigation for testimony he gave regarding the renovation at the Federal Reserve.

Earlier today, our own Matt Vespa reported on the DOJ subpoenaing the Federal Reserve and Fed Chairman Jerome Powell's response to the possibility of criminal charges. "No one—certainly not the chair of the Federal Reserve—is above the law," Powell said in a video statement. "But this unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure." Critics of the subpoenas believe it's another example of the administration trying to exert control over the Fed and its decisions about interest rates.

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