Bessent Proposes Transferring Powell Investigation to Senate from DOJ
During a recent private meeting with Senate Republicans, Treasury Secretary Scott Bessent introduced the idea of transferring the investigation of Federal Reserve Chair Jerome Powell from the Justice Department to the Senate Banking Committee. This proposal reflects ongoing discussions regarding Powell’s scrutiny and aims to navigate challenges posed by key Republican senators.
Bessent’s Proposal to the Senate Banking Committee
Bessent’s suggestion comes amidst increasing bipartisan criticism of the DOJ’s investigation into Powell. According to sources present at the meeting, the proposal was seen as a strategic move to encourage Senator Thom Tillis, a Republican from North Carolina, to lift his hold on Federal Reserve nominees.
Strategic Implications
One lawmaker described Bessent’s initiative as an effort to “test the waters.” They noted that the intent was to entice Tillis to consider the transfer favorably. “They’re trying to dangle this in front of Thom to see if he’ll accept it,” remarked the lawmaker. However, some skepticism remains regarding Tillis’s potential response.
Responses and Reactions
- Many GOP members agree that shifting the investigation to the Banking Committee could be a suitable compromise.
- A fellow Republican member asserted that the end goal is to satisfy the investigation demand, preferably through the Committee.
- Despite the positive outlook from some, doubts linger about whether Tillis will ultimately agree to this new arrangement.
Tillis, however, has refrained from commenting on the proposal. The overall sentiment among lawmakers suggests a recognition of the complexities in navigating the investigation, emphasizing the importance of bipartisan cooperation in addressing concerns surrounding Powell and the Federal Reserve.
