Earlier today, our own Matt Vespa reported on the DOJ subpoenaing the Federal Reserve and Fed Chairman Jerome Powell's response to the possibility of criminal charges.
"No one—certainly not the chair of the Federal Reserve—is above the law," Powell said in a video statement. "But this unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure." Critics of the subpoenas believe it's another example of the administration trying to exert control over the Fed and its decisions about interest rates.
One of those critics is Republican Senator Thom Tillis of North Carolina
If there were any remaining doubt whether advisers within the Trump Administration are actively pushing to end the independence of the Federal Reserve, there should now be none. It is now the independence and credibility of the Department of Justice that are in question.
— Senator Thom Tillis (@SenThomTillis) January 12, 2026
I… https://t.co/wDMH6twcD5
"I will oppose the confirmation of any nominee for the Fed—including the upcoming Fed Chair vacancy—until this legal matter is fully resolved," Tillis wrote on X.
Tillis sits on the Senate Banking Committee, the very same one the DOJ is alleging that Powell lied to during testimony back in June. In July, Rep. Anna Paulina Luna (FL-13) referred Powell to the DOJ, citing perjury in his testimony before the banking committee.
I am criminally referring Jerome Powell to the DOJ to investigate perjury regarding his crazy $2.5BN building.
— Rep. Anna Paulina Luna (@RepLuna) July 17, 2025
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Back in November, the Trump administration confirmed interviews for a new Fed Chair were underway.
Retiring GOP Sen. Thom Tillis, who sits on the Senate Banking Committee, is now threatening to block any Trump "nominee for the Fed — including the upcoming Fed Chair vacancy — until [Jerome Powell's] legal matter is fully resolved."
— Kyle Griffin (@kylegriffin1) January 12, 2026
Tillis found little support for his stance on social media.
"If there were any remaining doubt that America will be a better place after @SenThomTillis is out of office, there should not be none," wrote Nick Searcy.
If there were any remaining doubt that America will be a better place after @SenThomTillis is out of office, there should not be none. https://t.co/W8uKeLCrP4
— Nick Searcy, Actor/Director/Producer/Author (@yesnicksearcy) January 12, 2026
Several pointed out that the Federal Reserve is not the fourth branch of government.
"There are THREE branches of Government, the FED is not one of them. They have no independence and should be shut down. The only credibility in question is yours," wrote one X user.
There are THREE branches of Government, the FED is not one of them. They have no independence and should be shut down. The only credibility in question is yours. https://t.co/m8EuGYSysT
— Joe (@JoeC1776) January 12, 2026
"The Fed is not a fourth branch of government," wrote another.
The Fed is not a fourth branch of government. https://t.co/S9OO1R0dDM
— Sarcastic Cupcake (@SarcasticCupcak) January 12, 2026
Another pointed out that Powell is a short-timer, anyway, which casts doubt on the Tillis' assertion this subpoena seeks to "end the independence of the Fed.
The investigation is being run out of the DC US Attorney's office.
— John Carney (@carney) January 12, 2026
What evidence does Tillis have that the prosecutors are trying to end the independence of the Fed? Doesn't seem plausible.
Powell has three more meetings left. If this were coming from Trump, why not just let… https://t.co/dO1YFEOMCn
"Powell has three more meetings left. If this were coming from Trump, why not just let time do the job?" Carney asked. Powell himself said no one is above the law, not even the Fed Chair, so if he did commit perjury on the stand, he should be held accountable for it.
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