The Federal Reserve’s independence is again being questioned, as Trump hints at being "willing to investigate Powell in a different way."

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Trump hinted at considering alternative ways outside the Department of Justice to investigate current Federal Reserve Chairman Jerome Powell, a move that could provide a way out of the current political deadlock surrounding the Fed's leadership succession, but market concerns about central bank independence remain unresolved.

According to news outlet Semafor, Trump responded to questions in a media interview on Thursday, saying whether agencies outside the Department of Justice could investigate Powell and the renovation expenses related to the Federal Reserve, he said, "Yes, that's very simple." This statement means Trump has not given up his intention to hold Powell accountable, but leaves room regarding which agency would conduct the investigation.

This development is directly related to the confirmation process of Trump's nominee for Federal Reserve Chairman, Kevin Warsh. North Carolina Senator Thom Tillis previously vowed to block Warsh's nomination from going through until the investigation into Powell has been resolved. Tillis is a key vote in the Senate Banking Committee, and his stance is crucial to whether Warsh can take office smoothly. Whether Trump's latest statement can break the deadlock remains unclear for now.

Congressional Investigation May Serve as a Compromise Solution

Earlier this month, Tillis stated that he would welcome a congressional investigation if it could prompt the Department of Justice to withdraw its probe of Powell.

This statement provides a potential compromise for all sides——shifting the investigative body from the executive DOJ to the legislative Congress may respond to Tillis' demands to some degree, while also preserving Trump’s room for political maneuvering to pressure Powell.

However, it is still unclear whether this alternative is enough for Tillis to change his stance and clear the way for Warsh's confirmation vote.

Renovation Expenses Dispute Becomes Investigation Focus

In the interview, Trump again mentioned the Federal Reserve building renovation project, saying the costs were exorbitant and suggesting that there may be issues involved.

"You have to figure out what's wrong," he said. "That building was originally beautiful. They tore it down, maybe just because the repair costs were too high."

The controversy stems from the cost of renovating the Federal Reserve headquarters and Powell’s related testimony to Congress. The Trump administration had previously initiated a DOJ investigation into this, and tied it to political maneuvering to block Warsh’s confirmation.

Powell’s Tenure Uncertain, Trump Threatens Dismissal

Powell’s current term as Federal Reserve Chairman will expire in mid-May.

He previously stated that as long as the DOJ investigation continues, he will remain at the Fed as a board member after his term ends; if Warsh has not been confirmed by then, he will also continue to serve as acting chairman.

In response, Trump said if Powell did not leave the Fed "in time," he might dismiss him.

Trump's moves against the current Fed Chairman have drawn alarm within Congress, with numerous lawmakers worried about threats to central bank independence. Analysts point out that if the Fed’s independence is substantively eroded, it will have profound impacts on the U.S. economy and may trigger dramatic financial market volatility.

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