Federal Reserve Chair Jerome Powell is suddenly getting rare public backup from Republicans, as a growing bloc of GOP lawmakers warns the Justice Department’s criminal probe and subpoenas targeting the Federal Reserve could shatter the central bank’s independence.  Two Republicans on the po werful Senate Banking Committee — Sens. Lisa Murkowski and Thom Tillis — are now openly pushing back, framing the investigation as political pressure dressed up as oversight. U.S. President Donald Trump mocks Federal Reserve Chair Jerome Powell as he speaks during an event at the Kennedy Center on August 13, 2025, in Washington, DC. Trump announced the first nominees of the annual Kennedy Center Honors since taking control of the center’s board earlier this year. (Photo by Andrew Harnik/Getty Images) Murkowski said she spoke with Powell Monday and concluded “it’s clear the administration’s investigation is nothing more than an attempt at coercion,” while Tillis vowed to block every Federal Reserve nominee until the legal matter is resolved. “I don’t know anything about it, but he’s certainly not very good at the Fed, and he’s not very good at building buildings,” Trump said of Powell in a brief interview with NBC News Sunday night. Pressed on whether the Justice Department’s actions were connected to Powell’s refusal to lower interest rates, President Donald Trump rejected that idea while underscoring his central grievance. Trump Goes Off the Deep End, Loses Track of His Imaginary Story — Then Casually Adds Details As If It’s True and Viewers Say This Slip Is Worse Than Anything They’ve Seen “No. I wouldn’t even think of doing it that way. What should pressure him is the fact that rates are far too high. That’s the only pressure he’s got,” Trump said. “He’s hurt a lot of people,” he added. “I think the public is pressuring him.” But inside his own party, some Republicans are suggesting the spectacle feels deliberate. Sen. Roger Marshall, speaking on Fox Business, was asked whether the probe was political — and replied that Trump was perhaps “almost trolling here,” adding that the country has “bigger issues to go after than this one.” Thom Tillis, a North Carolina Republican and member of the Senate Banking Committee, announced he would block all Federal Reserve nominees until the matter is resolved. “I will oppose the confirmation of any nominee for the Fed—including the upcoming Fed Chair vacancy—until this legal matter is fully resolved,” Tillis said in a statement. “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,” he added. Sen. Elizabeth Warren, the top Democrat on the Banking Committee, was even more blunt, accusing Trump of using federal law enforcement to bend economic policy to his will. Trump is “abusing the authorities of the Department of Justice like a wannabe dictator so the Fed serves his interests, along with his billionaire friends,” Warren said. Powell, for his part, has pushed back forcefully. In a public statement Friday night, he framed the subpoenas as part of a broader campaign of pressure tied not to the renovation project, but to the Fed’s refusal to bow to political demands on interest rates. Powell emphasized his respect for the rule of law while warning that the threat of criminal charges risks turning monetary policy into a tool of intimidation.  View on Threads He underscored his record of serving under both Republican and Democratic administrations, said he has acted without political favor, and made clear he intends to continue carrying out the job he was confirmed to do. The renovation at the center of the investigation began in 2022 and is expected to run through 2027. Costs have ballooned to roughly $2.5 billion, about $700 million over initial estimates. The project modernizes the nearly century-old Marriner S. Eccles Building and a second structure on Constitution Avenue, addressing asbestos, lead contamination, accessibility requirements, and long-deferred infrastructure upgrades. A 2021 proposal included amenities such as private dining rooms, upgraded marble, water features, and rooftop space, but Powell testified in June that many of those elements were no longer part of the plan. The moment that now looms large in the political fallout came months earlier, during a tense July site visit that featured Trump and Powell in hard hats alongside Senate Banking Committee Chair Tim Scott. Standing beside scaffolding, Trump accused the Fed of vastly understating the project’s cost. View on Threads “So we’re taking a look and uh it looks like it’s about 3.1 billion, it went up a little bit, or a lot. So the 2.7 is now 3.1,” Trump said. Powell visibly recoiled, shaking his head before responding, “I’m not aware of that.” When Trump insisted and handed Powell a folded document, Scott jumped in to reinforce the claim. “I know it said about 3.1 as well—3.1, 3.2,” Scott said. Powell donned his reading glasses and rejected the math outright. “You’re including the Martin renovation. You just added in a third building is what that is,” Powell protested. “That’s a third building, including the Martin building.” Trump argued it was part of the overall work, but Powell disagreed, saying, “No, it was built five years ago. We finished Martin five years ago.” Marshall’s categorization of the investigation triggered strong reactions online. “Dismissing DoJ corruption as ‘trolling’ is the worst possible signal to foreign bond investors. It shows the Senate is no longer a serious institution,” one X user wrote. “Nightmarish goblins like Pulte are puppeteering a President in steep cognitive decline.” “He must not have gotten the memo that knew nothing about it,” another person observed. “If even supporters admit it’s trolling, that says a lot about the seriousness of the investigation,” one person wrote. Beyond the investigation itself, the episode has renewed questions about Powell’s future. His term as chair ends in May, though his seat as a governor runs through 2028. Powell has repeatedly declined to say whether he will remain at the Fed, telling reporters late last year, “I’m focused on my remaining time as chair.” Powell’s departure would immediately give Trump-appointed governors a majority on the Fed’s board, potentially reshaping rate policy and weakening longstanding protections against political interference. While past chairs quietly stepped away, Powell’s potential ouster reflects the extraordinary pressure now bearing down on the institution. As the Justice Department inquiry moves forward, public reaction has only intensified, with critics framing the case as another example of political vengeance. “It’s called a narcissistic injury. If you shame them they will go to the ends of the earth to make you pay. Look at Comey, James, Willis….” one person wrote. ‘Must Not Have Gotten the Memo’: Trump Tries to Distance Himself from a Revenge Plot Against a Foe — but a Republican’s Blunt Admission Says It All ...read more read less