Although Donald Trump appointed Jerome Powell to head the U.S. Federal Reserve during his first presidency, he has been vehemently critical of him since returning to the White House. Trump’s animosity stems from Powell’s refusal to dramatically lower interest rates. While Powell favors lowering them gradually, Trump wants a dramatic interest rates cut ASAP.Powell’s term as Fed chair ends in May, and Trump is expected to appoint a loyalist who will do exactly as he says. And conservative Sen. Thom Tillis (R-North Carolina) is sounding the alarm about Trump’s push to end the Fed’s independence from the White House — as well as the U.S. Department of Justice (DOJ) launching an investigation of Powell. In a Sunday, January 11 post on X, formerly Twitter, Tillis warned, “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. It is now the independence and credibility of the Department of Justice that are in question. I will oppose the confirmation of any nominee for the Fed — including the upcoming Fed Chair vacancy — until this legal matter is fully resolved.”Bloomberg News’ Steven T. Dennis notes that members of the Trump Administration “have taken aim at sitting Fed governors, including Lisa Cook, a Joe Biden pick, and now, Powell.”Dennis reports, “Sen. Tillis’ threat is a potential roadblock to Trump’s plans to bend the bank to his will. Opposition from Tillis would likely deadlock any Fed nominee on the Senate Banking Committee, which is divided 13-11 between the two parties. And under current Senate rules, it takes 60 votes to successfully discharge a contentious nomination from a committee.”In a video tweeted on January 11, Powell stressed, “This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions — or whether instead monetary policy will be directed by political pressure or intimidation.”Liberal Sen. Elizabeth Warren (D-Massachusetts) is sounding the alarm as well.The Democratic senator, in response to Powell’s video, tweeted, “Trump wants to nominate a new Fed Chair AND push Powell off the Board for good to complete his corrupt takeover of our central bank. He is abusing the law like a wannabe dictator so the Fed serves him and his billionaire friends. The Senate must not move ANY Trump Fed nominee.”
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