Senator Warren presses Trump over DOJ probe of Fed Chair Powell
Source: msn/Reuters
12h
Feb 6 (Reuters) - U.S. Senator Elizabeth Warren on Friday challenged President Donald Trump's denial of involvement in a Justice Department investigation of Federal Reserve Chair Jerome Powell that has heightened concerns about the Fed's independence and complicated the president's plan to install a rate-cut friendly Fed chair.
Warren, in a letter viewed by Reuters, asked Trump, a Republican, to explain his involvement in the Powell probe and a separate one of Fed Governor Lisa Cook after Treasury Secretary Scott Bessent on Thursday said any future probes and lawsuits would be up to the Republican president.
Warren is the top Democrat on the Senate Banking committee, which must confirm Trump's pick to replace Powell. That process is already being held up by a key Republican on the panel. The committee's chair, Republican Senator Tim Scott, has said he does not believe Powell broke the law. "Was the decision to launch a criminal investigation of Chair Powell 'up to' you, despite your claims to the contrary?" Warren wrote to Trump in a letter dated Friday.
Trump sparked a minor furor over the weekend when he remarked he would sue his Fed chair nominee, Kevin Warsh, if the former Fed governor didn't lower rates should he be confirmed to replace Fed Chair Jerome Powell later this year.
Read more: https://www.msn.com/en-us/news/politics/senator-warren-presses-trump-over-doj-probe-of-fed-chair-powell/ar-AA1VQoPW
Link to Senate Banking Committee Democrats PRESS RELEASE - Warren Presses Trump On Involvement in Powell, Cook Investigations Following Bessent Assertion to Warren that DOJ Investigations are “Up to the President”
Link to LETTER (inquiry) (PDF) - https://www.banking.senate.gov/download/letter-to-president-trump-re-bessent-hearing-comments
