Senate Republicans warn DOJ probe into Fed’s renovation is politically driven, threatening central bank independence.

John Thune, the Senate Republican Leader, emphasized the need to safeguard the central bank's independence from political influence and cautioned that the DOJ's investigation into the Federal Reserve must be serious. The investigation, headed by U.S. The testimony of former Fed Chair Jerome Powell regarding the $2.5 billion renovation of the Fed's headquarters, which surpassed initial estimates, is the focus of attorney Jeanine Pirro. Powell stated that the investigation seems to be connected to the Fed's choice to keep interest rates higher in spite of pressure from President Donald Trump, who has called for Powell's dismissal and demanded lower rates. Senator Lisa Murkowski and Thune denounced the investigation as politically motivated, cautioning that it might compromise the Fed's independence and create a risky precedent for executive overreach. The investigation is still ongoing, and neither its scope nor its conclusions have been made public.