Trump faces Fed roadblock as key Republican blasts justice probe

Source: msn/Bloomberg

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(Bloomberg) -- President Donald Trump faced immediate bipartisan pushback Sunday night after Federal Reserve Chair Jerome Powell accused the Department of Justice of launching a grand jury investigation as a pretext to pressure and intimidate the central bank. Senator Thom Tillis, a key Republican on the Banking Committee who isn’t running for reelection, vowed to oppose any Trump nominees to the Fed until the matter is resolved.

“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. “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,” said Tillis, who also sits on the Judiciary Committee, which has oversight over the Justice Department.

Trump has made clear for months that he wants the Federal Reserve to quickly and deeply cut interest rates. Various parts of the administration have taken aim at sitting Fed governors, including Lisa Cook, a Joe Biden pick, and now, Powell.

Read more: https://www.msn.com/en-us/news/politics/trump-faces-fed-roadblock-as-key-republican-blasts-justice-probe/ar-AA1U1Hq7