Republican lawmakers are rallying around Federal Reserve Chair Jerome Powell amid pressure from the Trump administration. The support comes as the Justice Department issued subpoenas to the Fed. Powell is accused of resisting the administration's demands for interest rate cuts.
The conflict escalated after the Justice Department served subpoenas on the Fed. Powell responded by releasing a video statement. He accused the administration of using pretexts to pressure the central bank. Following the video's release, Powell contacted Republican senators.
GOP senators are defending Powell and the Fed's independence. Senator John Kennedy stated he would be shocked if Powell had done anything wrong. The administration's pressure campaign includes threats of criminal charges.
Powell, appointed in 2018, has cultivated relationships on Capitol Hill. President Trump has previously ousted officials who resisted his demands. The situation remains tense as the Fed navigates political pressure. The next steps are unclear as the investigation continues.
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