Justice Department Probes Federal Reserve, Powell Strikes Back

Federal Reserve Chair Jerome Powell is pushing back against the Trump administration after the Department of Justice launched an investigation into the independent agency, Friday. 

The probe is tied to Powell's Senate testimony in June and questions surrounding the cost of the agency's building renovations. 

Powell contends the investigation is politically motivated, pointing to the president's repeated attacks on the institution over its failure to lower interests rates.  

"I have deep respect for the rule of law and for accountability in our democracy. No one, certainly not the chair of the Federal Reserve, is above the law. But this unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure," Powell said.

The probe has been met with backlash from members of Congress, including Republican Senators Lisa Murkowski and Thom Tillis. 

Tillis says he refuses to confirm any of the president's future Fed nominees until the legal matter is resolved. 

The president has denied any involvement in the investigation.