GOP’s Warning To Powell
Republican Sen. Kevin Cramer is drawing attention after suggesting that Federal Reserve Chairman Jerome Powell should consider resigning amid a growing Justice Department inquiry into the central bank’s conduct.
Speaking Tuesday on Fox Business Network, Cramer argued that a voluntary departure could bring clarity and closure as federal investigators review issues tied to spending overruns and Powell’s prior congressional testimony. The senator framed the idea as a practical solution that could help resolve uncertainty surrounding the Federal Reserve’s leadership.
During the interview, Cramer said that if Powell’s legal advisers were focused on limiting long-term damage to the institution, stepping aside could be the most straightforward path forward. He emphasized that such a move might allow all sides to move on without prolonged legal or political conflict.
The comments followed new remarks from Jeanine Pirro, who confirmed that her office is examining the Federal Reserve’s handling of internal matters. Pirro said federal prosecutors made repeated attempts to contact the Fed to discuss concerns but received no response, ultimately requiring formal legal action to proceed.
In a public statement, Pirro rejected claims that prosecutors were threatening charges, stressing that references to a possible indictment originated from Powell himself. According to Pirro, earlier cooperation from the Federal Reserve could have prevented the situation from escalating.
Over the weekend, Powell acknowledged that the Justice Department issued grand jury subpoenas connected to testimony he gave before the Senate Banking Committee last year. While no charges have been filed, Powell warned that the investigation carries potential legal consequences.
Democrats quickly criticized Cramer’s remarks. Sen. Chris Murphy accused Republicans of politicizing federal law enforcement, arguing in a social media post that the situation reflects broader partisan tensions in Washington.
The Federal Reserve declined to provide additional comment, referring inquiries to Powell’s previously released video statement.
