Republican lawmakers are rallying around Federal Reserve Chair Jerome Powell amid White House pressure. The Justice Department recently issued subpoenas to the Fed. This action prompted accusations from Powell of White House interference.
Powell released a video statement defending the Fed's independence. He also contacted Republican senators to shore up support. GOP Senator John Kennedy voiced strong support for Powell. Kennedy stated he would be "shocked" if Powell acted improperly.
The Trump administration has repeatedly pressured the Fed to lower interest rates. These demands have intensified in recent weeks. The administration's actions are seen as an attack on the central bank's independence.
Powell was appointed Fed Chair in 2018. He has since cultivated relationships with members of Congress. The current standoff raises questions about the future of monetary policy. The situation remains tense as Congress considers its next steps.
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