Schumer accuses Trump of politicizing Fed amid Powell investigation
Speaking before the Senate, Minority Leader Chuck Schumer said the investigation reflects a deliberate effort by President Donald Trump to exert control over monetary policy for political purposes rather than a legitimate legal concern.
"Anyone with two eyes and half a brain knows exactly what this criminal probe represents: a brazen attempt by Donald Trump to cannibalize the Fed's independence. The allegations behind this probe are clearly bogus," Schumer said.
His comments followed Powell’s disclosure a day earlier that he was the subject of a criminal investigation. Powell rejected any suggestion of wrongdoing and indicated that the scrutiny stemmed from political pressure related to interest rate decisions.
Schumer brushed aside suggestions that the inquiry centered on construction or renovation issues, describing such explanations as a cover story. He instead accused the administration of using the Justice Department as a political tool to pressure the Federal Reserve and interfere with its policy-making role.
"This is another ominous, troubling step toward the magnification of America's monetary policy," he said.
The senator warned that threatening the Fed with criminal proceedings could have far-reaching economic fallout, including increased borrowing costs and rising mortgage rates. He argued that undermining confidence in the central bank would harm markets and consumers alike.
Schumer urged Justice Department officials to appear before the Senate to clarify the justification for the investigation. He also called on lawmakers to halt confirmation of any future Trump nominees to the Federal Reserve until the issue is resolved.
"Donald Trump is clearly angry that his own presidency has been a disaster for our economy, so he's looking for a scapegoat, and he thinks Jerome Powell can be one. He's made a big mistake. No one's going to fall for that bull, but Jay Powell and the Fed," he added.
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