Trump Insists on Criminal Investigation of Powell, Vows to Get to the Bottom of It Despite Party Pushback

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Feb. 3 — U.S. President Donald Trump said Monday the criminal investigation into Federal Reserve Chair Jerome Powell should continue and won’t be blocked by internal Republican pushback. Earlier, Republican Senator Thom Tillis had warned he would oppose any new Fed chair nominee if the probe isn’t wrapped up—potentially derailing Kevin Warsh’s nomination. Speaking from the White House, Trump told federal prosecutor Jeanne Pirro (who’s leading the investigation) to “get to the bottom of the facts and conclude.” Powell has confirmed he’s under criminal scrutiny and pushed back that the allegations stem from the Fed’s failure to speed up interest rate cuts at his request, emphasizing rate decisions are rooted in the public interest. Reports link the probe to a high-cost renovation project at the Fed’s headquarters. Powell’s term expires in May, and the investigation has heightened market uncertainty about the Fed’s independence and policy outlook amid the nomination process.

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