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On February 2, 2026, US President Donald Trump delivered a speech in the Oval Office of the White House on the day he announced the establishment of important mineral reserves.
Evelyn Hochstein | Reuters
president Donald Trump On Monday it said it had launched a criminal investigation. Fed President Jerome Powell Republican senators have vowed to block Trump’s replacement as Fed chairman should the investigation continue unless it is dropped.
Trump told reporters in the Oval Office that U.S. Attorney Jeanine Pirro in Washington, who is leading an unprecedented investigation into the central bank chair, should “stay the course and see.”
The president has been asked whether Pirro should abandon her efforts after Republican Sen. Tillis announced on Friday that he would oppose any new Fed nominees until the Powell investigation is fully resolved.
Tillis drew that line the same day Trump announced Kevin Warsh as his choice to succeed Powell as Fed chairman after a month-long audition process.
Tillis is a member of senate committee on banking, housing and urban affairsThere are 13 Republicans and 11 Democrats. If Tillis joins all Democrats on the panel in opposing Warsh, he could create a deadlock that would prevent the nominee from advancing to a full Senate vote.
Powell revealed on January 11 that he was under criminal investigation.
The announcement comes after months of Trump and his allies frequently blasting Powell for refusing to lower interest rates as quickly or as much as the president wants.
Powell accused the administration of threatening to sue him because the Fed made rate-setting decisions “based on our best assessment of serving the public, rather than following the president’s preferences” despite pressure from Trump.
CNBC reported Wednesday The Fed has not yet complied with a grand jury subpoena issued as part of the Pirro investigation.
Trump has repeatedly suggested that the multi-year, multi-billion dollar renovation of the Fed’s Washington headquarters involves either Powell’s incompetence or corruption.
“This is either gross incompetence or some kind of theft, some kind of kickback. I don’t know what that is,” Trump said in an Oval Office address on Monday.
“But Jeanine Pirro is fantastic and she will figure it out,” he added.
The Fed has Defending renovation workThey said they would reduce the central bank’s costs over time and tried to explain why costs had increased. Powell’s term ends in May.
