Senate Majority Leader John Thune (R-SD) is pushing the Trump administration to “wrap up” its investigation into Federal Reserve Chairman Jerome Powell, amid an ongoing Justice Department probe.
“I think it’s in everybody’s best interest to wrap up the investigation,” Thune said Wednesday. “I’ve said that before, it would be better if it winds down.”
Powell, whose term as chairman expires next month, has long clashed with Trump over interest rate policy. Powell is under investigation by the Justice Department for allegedly lying to Congress about renovation costs for the Federal Reserve’s Washington, D.C., headquarters.
The investigation appeared to intensify this week when Justice Department officials made a surprise visit to the construction site Wednesday to inspect the project.
The uncertainty surrounding the investigation is threatening to complicate Trump’s efforts to install a successor to Powell.
Kevin Warsh, Trump’s nominee to replace Powell, faces a potential delay after Sen. Thom Tillis (R-NC), a member of the Senate banking committee, said he will hold Warsh’s nomination in committee until the DOJ either provides evidence of criminal wrongdoing or ends the investigation.
Warsh’s confirmation hearing is scheduled for next week.
“I think at some point they’re going to have to deal with the committee and they’re going to have to deal with Tillis,” Thune said.
Tillis has openly spoken against Powell’s investigation, calling it “nothing more than a failed attack on Fed independence.”
Meanwhile, Trump escalated his rhetoric, saying in a Wednesday interview with Fox Business that he would fire Powell if he did not step down.
“If he’s not leaving on time — I’ve held back firing him. I’ve wanted to fire him, but I hate to be controversial. I want to be uncontroversial,” Trump said.