North Carolina Senator Thom Tillis, a Republican who is a member of the Senate Banking Committee, said he would oppose the nomination of Powell’s replacement by Trump, and any other Fed Board nominee, “until this legal matter is fully resolved”.<\/p>\n
“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,” Tillis said in a statement.<\/p>\n
“It is now the independence and credibility of the Department of Justice that are in question,” the senator said.<\/p>\n
Senator Elizabeth Warren, a Democrat, said she believed Trump’s plan was to push Powell off the Fed board for good and “install another sock puppet to complete his corrupt takeover of America’s central bank”.<\/p>\n
“This committee and the Senate should not move forward with any Trump nominee for the Fed, including Fed Chair,” she said.<\/p>\n
Powell’s investigation will be overseen by the US Attorney’s Office for the District of Columbia, according to the New York Times, which first reported the probe.<\/p>\n
Trump previously took aim at Lisa Cook, a governor at the US central bank, whom he tried to fire over alleged mortgage fraud.<\/p>\n