Donald Trump and his Justice Department are seeking political retribution on yet another of Trump’s enemies, announcing a politically motivated “investigation” this weekend into Federal Reserve Chair Jerome Powell. Trump has taken a wrecking ball to the economy, and now he’s looking to blame someone else for soaring grocery costs, a frozen job market, and skyrocketing health care premiums for millions of working families.

Trump has sought to undermine the independence of the Federal Reserve time and again, and even his own allies are fed up. Once again, a lame-duck Trump is losing control of his coalition, signaling disaster for Republicans in 2026 and beyond.  

Here are some statements from Republicans about his latest attempt to weaponize the justice system: 

Treasury Secretary Scott Bessent: Axios: Bessent told Trump that investigation of Fed chair creates a “mess.”

Senator Thom Thillis: “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. 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.” 

Rep. French Hill: “I’ve known Chairman Powell since we worked together at Treasury during the George H.W. Bush Administration. Then, as now, I know Mr. Powell to be a man of integrity with a strong commitment to public service. While over the years we have had our policy disagreements, I found him to be forthright, candid, and a person of the highest integrity. 

“Pursuing criminal charges relating to his testimony on building renovations at a time when the nation’s economy requires focus creates an unnecessary distraction. 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.”

Senator Lisa Murkowski: “After speaking with Chair Powell this morning, it’s clear the administration’s investigation is nothing more than an attempt at coercion. If the Department of Justice believes an investigation into Chair Powell is warranted based on project cost overruns—which are not unusual—then Congress needs to investigate the Department of Justice. The stakes are too high to look the other way: if the Federal Reserve loses its independence, the stability of our markets and the broader economy will suffer. My colleague, Senator Tillis, is right in blocking any Federal Reserve nominees until this is resolved.”

Senator John Kennedy: “My thought was, we need this like we need a hole in the head. I know Chairman Powell pretty well. I would be stunned if he had done anything wrong.”

Senator Chuck Grassley: “You’ve got to wait until the investigation is over before you draw a conclusion. But I don’t want anything to interfere with the independence of the Fed. I support the independence of the Fed. If there’s something wrong, I think they need to come to Congress to get the laws changed for what it is. But when it comes to inflation and full employment, I want the Fed to do that in a nonpartisan way.”

Rep. Mike Lawler: “The independence of the Federal Reserve is paramount, and I oppose any effort to pressure them into action.”

Rep. Tim Burchett: “I think it needs to go away. I think it was created in a back room with a bunch of wealthy old white dudes, and to control things. And they’ve done a pretty good job of doing and wrecking things.”

Former Trump Advisor Stephen Moore: “This feud between Powell and the White House is, obviously, not good for markets…now is not the time to be bringing a criminal investigation against the Fed chairman.” 

The Wall Street Journal Editorial Board: “Americans elected Mr. Trump to reduce inflation, and he and Republicans have 10 months until the elections to show progress. Picking a fight with the Fed—and the bond market—over an issue that voters will find confusing and irrelevant is lawfare for dummies.”