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President Donald Trump faced rare opposition from key Republican lawmakers after Federal Reserve Chair Jerome Powell accused the Department of Justice of launching a grand jury investigation to pressure and intimidate the central bank.
Senator Thom Tillis, a key Republican on the Banking Committee who isn’t running for reelection, vowed quickly Sunday night to oppose any Trump nominees to the Fed until the matter is resolved. Other Republican senators, including former Bridgewater Associates CEO Dave McCormick, offered more measured pushback on Monday.
Tillis’s threat is a potential roadblock to Trump’s plans to bend the bank to his will. Opposition from Tillis would likely deadlock any Fed nominee on the Senate Banking Committee, which is divided 13-11 between the two parties. And under current Senate rules, it takes 60 votes to successfully discharge a contentious nomination from a committee and Democratic senators are highly unlikely to come to Trump’s aid.
Senate Majority Leader John Thune said the threat of a legal battle with the Fed could make confirming Fed nominees “challenging.”
Today's show features:
- Heather Long, Chief Economist at Navy Federal Credit Union, on Federal Reserve independence and the health of the American consumer
- Aaron Kennon, Chief Executive Officer of Clear Harbor Asset Management on the US monetary policy outlook, and whether bullish sentiment for gold and AI will persist
- Bloomberg News Consumer Finance Reporter Paige Smith on President Donald Trump’s call for a cap of 10% on credit-card interest rates
- Bloomberg News National Security Team Leader Wadhams on the latest developments in Iran and US options as it mulls whether to pursue new military action
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