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Fortune • • business
Key Points:
- Senate Republicans are rallying in defense of Federal Reserve Chair Jay Powell amid Justice Department subpoenas and potential criminal charges linked to office renovations, signaling support for Fed independence despite President Trump's pressure campaign.
- Powell responded to the subpoenas by accusing the Trump administration of using "pretexts" to coerce the Fed into lowering interest rates, and he has leveraged his strong Capitol Hill relationships to gain backing from Republican senators.
- Key Republican senators, including Thom Tillis and Lisa Murkowski, have vowed to block Trump administration nominees to the Fed until the legal issues surrounding Powell are resolved, emphasizing the importance of an independent central bank.
- Powell's long-standing bipartisan reputation and history of working with both Republican and Democratic administrations have contributed to broad
