Powell Probe Rattles GOP

Benzinga

Trump administration allies warned that the Justice Department’s probe into Fed Chair Jerome Powell could disrupt markets and complicate Senate confirmations, despite stocks recovering from early losses.

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00:00It's Benzinga bringing Wall Street to Main Street.

00:02Some Trump administration officials and allies warned that the Justice Department's criminal

00:06investigation into Federal Reserve Chair Jerome Powell could disrupt financial markets and

00:11complicate Senate confirmations, according to the Wall Street Journal. Treasury Secretary Scott

00:17Besant warned Trump that the investigation could disrupt financial markets and complicate

00:21Senate confirmation of the next Federal Reserve Chair after Powell's term ends in May.

00:26After the probe became public, Senator Tom Tillis said he would oppose any Fed nominees until the

00:31matter is resolved, citing his rule on the Senate Banking Committee.

00:35Some lawmakers warned the investigation could unsettle markets and push interest rates higher,

00:40with Senator John Kennedy saying the litigation would raise borrowing costs.

00:44Stocks recovered after early losses.

00:47For all things money, visit Benzinga.com.

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