Schumer accuses Trump of undermining Fed amid Powell probe
"Anyone with two eyes and half a brain knows exactly what this criminal probe represents: a brazen attempt by Donald Trump to cannibalize the Fed's independence. The allegations behind this probe are clearly bogus," Schumer said on the Senate floor.
Powell had confirmed facing a criminal investigation but denied any wrongdoing, suggesting the action stems from political pressure over interest rate decisions. Schumer rejected claims linking the probe to building renovations, calling them a pretext, and accused Trump of "weaponizing" the Department of Justice to intimidate the Fed and sway monetary policy.
"This is another ominous, troubling step toward the magnification of America's monetary policy," he added, warning that pressuring the Fed could lead to higher interest rates and increased mortgage costs.
Schumer urged DOJ officials to testify before the Senate to clarify the investigation’s basis and recommended blocking any future Trump Fed appointments until the matter is resolved.
"Donald Trump is clearly angry that his own presidency has been a disaster for our economy, so he's looking for a scapegoat, and he thinks Jerome Powell can be one. He's made a big mistake. No one's going to fall for that bull, but Jay Powell and the Fed," Schumer said.
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