Powell investigation: Drumbeat of Republican opposition grows on Capitol Hill

“Pursuing criminal charges relating to his testimony on building renovations at a time when the nation’s economy requires focus and creates an unnecessary distraction,” said House Financial Services Chair French Hill, a Republican of Arkansas.

“The Federal Reserve is led by strong, capable individuals appointed by President Trump, and this action could undermine this and future Administrations’ ability to make sound monetary policy decisions,” he said.

Even Sen. Kevin Cramer, R-N.D., a Banking Committee member who is a frequent Powell critic, criticized the investigation.

“Jerome Powell is a bad Fed Chair who has been elusive with Congress, especially regarding the overruns of the elaborate renovations of the building,” Cramer said. “I do not believe however, he is a criminal. I hope this criminal investigation can be put to rest quickly, along with the remainder of Jerome Powell’s term. We need to restore confidence in the Fed.”

CNBC has reached out to Senate Banking Committee Chair Tim Scott, R-S.C., for comment on the investigation into Powell.

Trump does have one ally, however, in his administration’s push to investigate Powell: Sen Cynthia Lummis, R-Wyo.

“Whether Chairman Powell was unprepared for his testimony or intentionally misled Congress about the Fed’s extravagant spending, the American people deserve answers. I will wait for the DOJ to release its findings before commenting further,” Lummis said.

CNBC has reached out to the White House for a response to the members’ complaints.

This story is developing. Please check back for updates.

Article source: https://www.cnbc.com/2026/01/12/powell-investigation-gop-opposition-congress.html