Overview
Federal Reserve Chair Jerome Powell made a concentrated round of outreach to members of Congress in the week after he revealed on January 11 that the Department of Justice had opened an investigation into his testimony to lawmakers. Powell's publicly released schedule records 13 calls during that period. Each calendar notation lists a duration of either 10 or 15 minutes, though the entries provide no details on the substance of the discussions.
Those calls followed a notable Sunday evening video statement in which Powell described the DOJ subpoenas as "pretexts" that were intensifying the Trump administration's efforts to pressure the Fed toward cutting interest rates. The phone conversations were logged in the days immediately after that public statement.
Reactions from lawmakers
Several senators with whom Powell spoke subsequently issued public statements backing the Fed chair and criticizing the DOJ inquiry. Among them were Republican senators Lisa Murkowski of Alaska and John Kennedy of Louisiana, who both expressed support for Powell and condemned the probe in public remarks.
Powell also spoke with Senate Banking Committee chair Tim Scott. According to the calendar and subsequent public comments, Scott said he felt Powell was inept but probably did not commit a crime.
No calendar entry shows a call between Powell and Republican Senator Thom Tillis. Immediately after Powell's video statement, Tillis pledged to use his position on the Senate Banking Committee to block any Fed nominee while the DOJ investigation remains open.
Implications for Fed leadership and timing
The Fed posts Powell's monthly calendars with about a two-month delay. Meanwhile, President Donald Trump has nominated former Fed governor Kevin Warsh to succeed Powell when his leadership term concludes on May 15. Tillis' declared hold on nominees effectively freezes that confirmation process, even as Treasury Secretary Scott Bessent has said a confirmation hearing will proceed.
Context on Powell's outreach style
Powell has made direct engagement with the lawmakers who oversee the central bank a defining element of his eight-year tenure as Fed chair. He has spent more time in individual meetings and phone calls with congressional representatives than any modern Fed chair, according to the pattern reflected in his calendars. Yet the flurry of contacts in the week following January 11 was atypical even for him - the last time he had that many one-on-one conversations with lawmakers in a single week was in February 2025, when he was preparing for his twice-yearly testimony before Congress.
Key points
- Powell logged 13 calls, each 10 or 15 minutes long, in the week after his Jan. 11 disclosure of a DOJ investigation.
- Several senators publicly supported Powell and criticized the DOJ probe; Tim Scott said Powell seemed inept but likely did not commit a crime.
- The nomination of Kevin Warsh to replace Powell is effectively on hold due to Senator Thom Tillis' pledge to block Fed nominees while the probe remains open.
Risks and uncertainties
- The ongoing DOJ investigation and related political maneuvers create uncertainty around the Fed leadership succession process, impacting the timeline for a confirmation hearing.
- Public criticism of the DOJ probe by lawmakers and the clustering of Powell's outreach could prolong political attention on the central bank, with potential implications for market perceptions of Fed independence.