Statements
Congressman David Scott Calls DOJ’s Unprecedented Attack on Fed Chair Powell an Assault on the Central Bank’s Independence
Washington,
January 12, 2026
WASHINGTON D.C. - Today, Congressman David Scott (GA-13), a senior member of the House Financial Services Committee, released the following statement in response to the Department of Justice’s unprecedent move to subpoena the Federal Reserve and Chair Jay Powell. “The only way to characterize the Justice Department’s subpoena, is to view the move as a pretext to undermine the Federal Reserve’s independence in setting interest rates based on economic conditions rather than political preferences. Threatening criminal charges against the Fed Chair, Jay Powell is deeply troubling and demands serious scrutiny. No reputable legal mind would agree that this unprecedented attack on an independent agency was rooted in sound legal or oversight concern but is instead being used to pressure the Federal Reserve into altering monetary policy to serve President’s Trump political agenda. “Contrary to the President’s baseless attacks, Chair Powell has served with distinct honor and great admiration under both Republican and Democratic Administrations. Thanks to his commitment to keeping inflation down and maintaining healthy markets, our economy was moving in the right direction. Unfortunately, a year into Donald Trump’s failed economic agenda, American families are seeing the cost of basic everyday goods continuing to soar. “If the President is abusing the power of the Justice Department to punish Fed Chair Powell, as I suspect he is, Congress has a responsibility to defend the integrity of the institution and prevent any new central bank nominations from moving forward until all politically-motivated charges have been dropped. Democrats must fight for an independent Federal Reserve because bending to this type of political pressure threatens the very foundation of our entire financial system and must never be normalized.” ### |