Republicans vouch for Fed chair, creating a rare schism with Trump
Republicans in Congress are supporting Federal Reserve Chair Jerome Powell as the Trump administration ramps up its pressure campaign against the central bank. The rare break in Congress from Trump is a result of Powell revealing that the Justice Department had served subpoenas on the Fed. Republican senators have had Powell’s back after he cultivated relationships with them since he was first appointed in 2018. GOP Sen. John Kennedy of Louisiana, one of Trump’s most reliable allies in the Senate, said this week that he knows Powell well and would be “shocked” if he did anything wrong. Another Republican, North Carolina Sen. Thom Tillis, has vowed to withhold support for any Trump administration nominees to the Federal Reserve until the legal cloud surrounding the chair is resolved.