The Justice Department’s criminal investigation into Federal Reserve Chair Jerome Powell drew swift pushback from across right-wing media on Monday, as pundits typically aligned with President Donald Trump savaged the move as “lawfare for dummies” that would “make a martyr” of its target. The widespread criticism emphasized the lack of a constituency for strong-arming the Fed into endorsing Trump’s policy agenda with apparent pretextual legal threats.
Powell said Sunday that the Fed had received Justice Department subpoenas threatening a criminal indictment over his congressional testimony regarding ongoing renovations of its headquarters. He portrayed the move as part of Trump’s long-running effort to pressure Powell to drastically lower interest rates and quash the Fed’s independence.
Trump, described by his senior first-term advisers as a “fascist,” campaigned on using the federal government to exact “retribution” against his political opponents, whom he described as “the enemy from within” and “vermin.” The Powell investigation is one of numerous such blatantly political probes — often at the explicit order of the president — that the Trump administration subsequently launched against his political enemies.
The Trump administration’s use of the Justice Department as a cudgel against his enemies typically draws support from at least some faction of MAGA media. But the response to the Powell probe — reportedly promoted within the administration by Federal Housing Finance Agency chief Bill Pulte and overseen by Jeanine Pirro, the U.S. attorney for the District of Columbia and a former Fox News host — has been remarkably negative across the board.
In an early sign the probe was in trouble, Trumpist zealot Maria Bartiromo suggested on her Fox Business show that “Wall Street” opposed the move “because it looks like the president is actually, you know, shoehorning rates, and now doing it through the DOJ.” Her panelists described the investigation as “a unforced error by the Trump administration” and urged the president “to back off and leave the Fed alone.”
The investigation drew criticism over the course of the day on both Fox News and Fox Business, with commentators pointing out the obvious political motive behind it.
In one Fox Business segment featuring three former Trump economic advisers — host Larry Kudlow and guests Art Laffer and Steve Moore — none supported the probe, even as all three criticized Powell’s tenure at the Fed.