In another infuriating parting shot at President Donald Trump by Sen. Thom Tillis (R-NC), who is fortunately retiring soon, the US Senator from North Carolina vowed to spitefully block President Trump’s nominees for the Federal Reserve because the president’s Department of Justice is investigating Federal Reserve Chairman Jerome Powell.
As background, Powell announced that he was being investigated in a video statement released on Sunday, January 11. In it, he said that the DOJ is investigating him for false statements made to Congress about the cost of and materials involved in the renovation of the Federal Reserve building, with the chairman allegedly having lied by downplaying the luxury of the renovations.
Summarizing the situation in a post on X, Wall Street Journal reporter Nick Timiraos said, “The Federal Reserve received grand jury subpoenas from the Justice Department on Friday that threaten a criminal indictment relating to Chair Jerome Powell’s testimony last summer about the central bank’s building renovation project”.
Quote tweeting Timiraos, Sen. Tillis furiously berated Trump and the DOJ while also vowing to hold up Trump nominees. He began, “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.”
Continuing, and getting to his threat of blocking all Federal Reserve nominees until the DOJ stops investigating Powell, Sen. Tillis then said, “I will oppose the confirmation of any nominee for the Fed—including the upcoming Fed Chair vacancy—until this legal matter is fully resolved.”
Sen. Tillis has made the same threat before. Just the week prior, he vowed to block all future Department of Homeland Security nominees until DHS Secretary Kristi Noem testifies to the Senate Judiciary Committee. Firing back, a DHS spokesperson said, “Secretary Noem testified on Capitol Hill less than a month ago and remains committed to transparency and continued engagement with Congress.”
That DHS spokesperson further noted, “While the Department does not currently have any nominees pending before the Senate, we hope senators will refrain from holding President Trump’s appointments in a way that could compromise our national security.”
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In his video statement on being investigated, Powell began by saying, “On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas, threatening a criminal indictment related to my testimony before the Senate Banking Committee last June. That testimony concerned in part a multi-year project to renovate historic Federal Reserve office buildings.”
Then, after rambling for a bit about interest rates and oversight, he said, “This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions—or whether instead monetary policy will be directed by political pressure or intimidation. I have served at the Federal Reserve under four administrations, Republicans and Democrats alike.”
He concluded by vowing defiance, saying, “In every case, I have carried out my duties without political fear or favor, focused solely on our mandate of price stability and maximum employment. Public service sometimes requires standing firm in the face of threats. I will continue to do the job the Senate confirmed me to do, with integrity and a commitment to serving the American people.”
Watch Powell here: