House Speaker Mike Johnson, R-La., on Monday rejected claims that the Justice Department is being "weaponized" after it opened a criminal investigation into Federal Reserve Chair Jerome Powell.
He said the probe should be allowed to run its course.
"No, the Justice Department is not being weaponized," Johnson told reporters at the Capitol.
Johnson accused the previous Biden-Harris administration of politicizing the department and said scrutiny of Powell was warranted amid questions about a costly renovation of the Fed's Washington headquarters.
Powell said Sunday that the Federal Reserve has received grand jury subpoenas and faces the threat of criminal indictment tied to his congressional testimony last year about the price tag of the central bank's renovation project, now estimated at about $2.5 billion.
In a rare public response, Powell portrayed the investigation as part of pressure from President Donald Trump to push the Fed to lower interest rates, raising fresh alarms among some lawmakers and economists about the independence of the institution that sets U.S. monetary policy.
The Justice Department has not publicly detailed the scope of its investigation. Powell has not been charged, and the Federal Reserve has said it is cooperating.
Johnson said he was withholding judgment about the allegations and criticized what he called a rush to conclusions.
"We are going to let the investigation play out," Johnson said. "There's concerns about cost overruns, and whatever the allegations are, I don't know.
"I wasn't involved in that."
He also said Powell would have the opportunity to clear his name.
"If Chairman Powell is innocent, then he can prove that, and it'll all come out," Johnson said.
The renovation of the Fed's main buildings along Constitution Avenue has drawn intensifying political scrutiny over the past year as costs climbed from earlier estimates.
Powell has disputed accusations of lavish features, and the Fed has attributed higher costs to factors including inflation in materials and labor, design and security requirements, and unexpected conditions uncovered during construction.
Powell previously sought an outside review of the project as criticism mounted.
The Justice Department inquiry comes as Powell's relationship with the White House has become a flashpoint in Washington.
The Fed chair's term runs through May 2026, and Trump has repeatedly pressed the central bank to cut rates, arguing that lower borrowing costs would boost the economy.
The investigation has also exposed divisions within the Republican Party.
Several GOP senators have publicly questioned the Justice Department's actions and warned about political interference with the central bank.
Sen. Lisa Murkowski, R-Alaska, criticized the probe as coercion, while Sen. Thom Tillis, R-N.C., has argued that undermining the Fed's independence could damage U.S. credibility and unsettle markets.
Democrats, meanwhile, have seized on the episode as a test of whether law enforcement is being used to influence economic policy, pointing to Powell's assertion that the investigation is linked to the White House's rate demands.
For now, the speaker said Congress should refrain from prejudging the outcome.
Theodore Bunker ✉
Theodore Bunker, a Newsmax writer, has more than a decade covering news, media, and politics.
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