In his latest act of political retribution, Donald Trump’s Justice Department announced a new “investigation” into Federal Reserve Chair Jerome Powell over the weekend. After capping off a year of driving economic turmoil, resulting in sinking approval numbers for him and his agenda, Trump is desperate for someone else to blame — even if it means continuing to weaponize the justice system for his own political gain. 

In response, DNC Chair Ken Martin released the following statement: 

“Donald Trump has paralyzed the economy after just one year in office, and now he’s weaponizing the Justice Department to create a scapegoat. His reckless tariffs have hollowed out the job market and raised costs on nearly everything, and he’s priced millions of working families out of their health care. If Trump continues to erode the independence of the Fed, we know exactly what will happen. He’ll further rig the economy to reward himself and his ultrawealthy donors while further wrecking the economy for everybody else. Trump is the reason you can’t afford groceries or get a new job, and allowing him even more control of the American financial system is a dangerous proposition.” 

Undermining the Fed’s independence could further tank Trump’s economy and the financial system. Economists have warned that the Justice Department’s investigation into Powell may make the Fed even less likely to lower interest rates later this month. 

Meanwhile, prices are soaring, and jobs are disappearing left and right, with 2025 recording the slowest average monthly job growth in a non-recession year since 2003, and companies are reportedly planning the fewest hires since the Great Recession in 2010.

Over two-thirds of Americans believe that the Federal Reserve should act independently of Trump, and nearly 60% disapprove of Trump’s handling of the economy.