Senator Lisa Murkowski endorsed Senator Thom Tillis' plan to withhold confirmation votes on President Trump's Fed nominees after the Justice Department signaled it might bring charges against Fed Chair Jerome Powell. She warned that any erosion of the Fed's independence would harm market stability and the broader economy. Murkowski said she spoke with Powell, who called recent subpoenas "pretexts," and urged Congress to probe the DOJ if the inquiry relates only to renovation cost overruns.
Murkowski Backs Blocking Trump’s Fed Nominees After DOJ Threat Against Powell, Warns Of Risk To Fed Independence
U.S. Senator Lisa Murkowski (R-AK) walks through the Capitol subway system, more than a month into the longest U.S. government shutdown, in Washington, D.C., U.S., November 10, 2025. REUTERS/Evelyn Hockstein/File Photo
WASHINGTON, Jan. 12 — U.S. Senator Lisa Murkowski on Monday threw her support behind Republican Senator Thom Tillis' plan to withhold confirmation votes on President Donald Trump's nominees to the Federal Reserve after the Justice Department signaled over the weekend it might bring charges against Federal Reserve Chair Jerome Powell.
"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," Murkowski wrote on X.
Murkowski, one of a small number of Republicans willing at times to break with Trump in the Senate, said she had spoken earlier on Monday with Powell. Powell told reporters on Sunday that the Fed had received subpoenas last week which he described as "pretexts" intended to pressure the central bank to set interest rates for political reasons rather than on economic analysis.
Why This Matters
Murkowski said the Justice Department's actions amounted to "nothing more than an attempt at coercion" and urged Congress to consider an investigation of the DOJ if lawmakers believe a probe of the Fed was warranted only over renovation cost overruns — which she called "not unusual." The dispute comes as former President Trump has increasingly publicly pressured the Fed to cut interest rates since returning to office last year, breaking long-standing norms designed to protect central-bank independence.
The Senate currently has a 53-47 Republican majority, meaning intra-party dissent could shape the confirmation process for any nominees to the Fed. Senator Tillis' proposal to withhold votes is aimed at pressuring the administration and the Justice Department to back off actions perceived as threatening to the Fed’s independence.
(Reporting by Bhargav Acharya and Susan Heavey; editing by Scott Malone)
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