{"id":2535353,"date":"2026-01-13T17:56:02","date_gmt":"2026-01-13T22:56:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wall-street-executives-back-powell-amid-doj-investigation\/"},"modified":"2026-01-13T17:58:17","modified_gmt":"2026-01-13T22:58:17","slug":"wall-street-executives-back-powell-amid-doj-investigation","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wall-street-executives-back-powell-amid-doj-investigation\/","title":{"rendered":"Wall Street executives back Powell amid DOJ investigation"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fwall-street-executives-back-powell-amid-doj-investigation%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2535353&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Wall Street executives &#8211; notably JPMorgan Chase CEO Jamie Dimon and BNY Mellon CEO robin Vince &#8211; publicly backed federal Reserve Chair Jerome Powell after the Department of Justice opened a criminal inquiry into his June 2025 Senate testimony about renovations to Federal Reserve buildings. Powell called the subpoenas &#8220;unprecedented&#8221; and framed the probe as politically motivated, arguing it reflects pressure over the Fed&#8217;s <a href=\"https:\/\/amzn.to\/3YuVZYV\" >independent interest-rate decisions<\/a> rather than the renovation matter itself.<\/p>\n<p>Dimon said he respects Powell and warned that actions undermining Fed independence &#8220;are probably not a good idea,&#8221; saying they could raise inflation expectations and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/silicon-valley-banks-fall-widens-systemic-cracks-as-cheap-money-vanishes\/\" title=\"Silicon Valley Bank\u2019s fall widens systemic cracks as cheap money vanishes\">push <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/5-reasons-making-taxpayers-pay-off-student-loans-is-a-rotten-idea\/\" title=\"5 Reasons Making Taxpayers Pay Off Student Loans Is A Rotten Idea\">interest rates<\/a> higher<\/a>. Vince similarly cautioned that questioning Fed independence could destabilize the U.S. bond market and have the opposite effect of lowering rates.  <\/p>\n<p>Republicans and OMB officials had highlighted apparent contradictions between Powell&#8217;s testimony and planning documents on the renovations, prompting the DOJ action; White House NEC Director Kevin Hassett defended the investigation as appropriate scrutiny of large taxpayer-funded projects. The episode has heightened tensions between the Fed&#8217;s policy autonomy and political pressures from the White House,which has pushed Powell to lower rates.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">Wall Street executives back Powell as DOJ investigates Fed chairman: &lsquo;Not a good idea&rsquo;<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_2471990\" class=\"tpd-featured-video bridtv\"><\/div>\n<p>The CEOs of <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/jpmorgan\/\">JPMorgan<\/a> Chase and the Bank of New York Mellon Corporation are standing by Federal Reserve Chairman <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/jerome-powell\/\">Jerome Powell<\/a> after the Department of Justice opened a <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/news\/4415360\/what-we-know-doj-investigation-powell\/\">criminal investigation<\/a> into the central banker.<\/p>\n<p>Powell announced on Sunday that <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/justice-department\/\">the DOJ<\/a> was investigating him following allegations that he lied in a Senate testimony regarding renovations to the Fed buildings. He <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/news\/justice\/4414287\/powell-defends-record-video-statement-after-criminal-inquiry-drops\/\">denounced<\/a> the &ldquo;unprecedented action&rdquo; as something that &ldquo;should be seen in the broader context of the administration&rsquo;s threats and ongoing pressure.&rdquo;<\/p>\n<div class=\"recommended-stories\">\n<h2>Recommended Stories<\/h2>\n<ul>\n<li><a href=\"https:\/\/www.washingtonexaminer.com\/news\/business\/4416666\/new-york-set-records-sports-betting-2025\/\">New York set records for sports betting in 2025 with $26.3 billion in wagers<\/a><\/li>\n<li><a href=\"https:\/\/www.washingtonexaminer.com\/news\/business\/4414836\/gop-celebrates-trump-ally-dina-powell-mccormick-meta-president\/\">GOP celebrates &#8216;Trump ally&#8217; at head of Meta<\/a><\/li>\n<li><a href=\"https:\/\/www.washingtonexaminer.com\/news\/business\/4414700\/paramount-escalates-hostile-takeover-warner-bros-lawsuit-proxy-war\/\">Paramount escalates hostile takeover of Warner Bros. with lawsuit and proxy war<\/a><\/li>\n<\/ul>\n<\/div>\n<div class=\"article-paywall\">\n<p><strong><a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/news\/4415360\/what-we-know-doj-investigation-powell\/\">WHAT TO KNOW ABOUT THE DOJ INVESTIGATION INTO FED CHAIRMAN JEROME POWELL<\/a><\/strong><\/p>\n<p>JPMorgan Chase CEO Jamie Dimon came to Powell&rsquo;s defense in a press call on Tuesday. <\/p>\n<p>&ldquo;While I don&rsquo;t agree with everything that the Fed has done, I do have enormous respect for Jay Powell,&rdquo; Dimon said.<\/p>\n<p>Dimon reiterated his support, in light of the investigation, for Fed independence and said, &ldquo;Anything that chips away at that is probably not a good idea.&rdquo;<\/p>\n<p>&ldquo;In my view, it will have the reverse consequences,&rdquo; Dimon said. &ldquo;It&rsquo;ll increase inflation expectations and probably increase rates over time.&rdquo;<\/p>\n<p>Powell said the DOJ subpoenas center on his June 2025 testimony before the Senate Banking Committee. Republicans in Washington, such as Sen. Tim Scott (R-SC) and Rep. Anna Paulina Luna (R-FL), as well as Office of Management and Budget Director&nbsp;Russ Vought, <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/news\/4415360\/what-we-know-doj-investigation-powell\/\">brought attention<\/a> to the testimony in 2025, saying Powell&rsquo;s statements on the Fed building renovations contradicted planning documents.<\/p>\n<p>&ldquo;This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings,&rdquo; Powell said in a <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/news\/justice\/4414287\/powell-defends-record-video-statement-after-criminal-inquiry-drops\/\">video statement<\/a>. &ldquo;The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the president.&rdquo;<\/p>\n<p>Powell&rsquo;s control of the Fed has clashed with the goals of President Donald Trump, who has pushed Powell to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/how-to-stop-inflation-from-hurting-americas-working-and-middle-class\/\" title=\"How To Stop Inflation From Hurting America\u2019s Working And Middle Class\">lower interest rates<\/a> throughout 2025.<\/p>\n<p>BNY CEO Robin Vince also cautioned against the DOJ investigation on Tuesday, saying it could be a distraction from Trump&rsquo;s goals of lowering prices.<\/p>\n<p>&ldquo;If you look at the things that underpin the U.S. bond market, that [Federal Reserve] independence is one of those things,&rdquo; Vince said, according to Yahoo Finance. &ldquo;Sort of questioning one of the tenets that underlies the bond market runs the risk of actually doing the opposite of that &mdash; and actually pushing up interest rates.&rdquo;<\/p>\n<p>White House National Economic Council&nbsp;Director&nbsp;Kevin Hassett defended the investigation into Powell on Monday.<\/p>\n<p><strong><a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/news\/senate\/4415549\/trump-republicans-powell-investigation-rebuke\/\">TRUMP DEALT GOP BLOWS OVER POWELL INQUIRY AMID RISING TENSIONS WITH CONGRESS<\/a><\/strong><\/p>\n<p>&ldquo;I guess the question is, if you think the building cost $20 billion, or $10 billion, do you think at some point that it&rsquo;s appropriate for the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/better-than-expected-u-s-economy-added-638000-jobs-in-october-unemployment-dropped-to-6-9\/\" title=\"Better Than Expected: U.S. Economy Added 638,000 Jobs in October, Unemployment Dropped to 6.9%\">federal government<\/a> to investigate?&rdquo; Hassett said. &ldquo;And it seems like the&nbsp;Justice Department&nbsp;has decided that they want to see what&rsquo;s going on over there with this building that&rsquo;s, you know, massively more expensive than any building in the history of Washington.&rdquo;<\/p>\n<p>Hassett told reporters, &ldquo;If I were Fed chair, I would want them to do that. I think that it&rsquo;s really important to understand where the taxpayer money goes, and understand why it goes this way or that.&rdquo;<\/p>\n<\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wall Street defends Powell amid DOJ probe<\/p>\n","protected":false},"author":3976,"featured_media":2535354,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2023\/12\/jay-powell-e1768344013338.jpg?w=696","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[70850,45347,32663,34342,34040],"class_list":["post-2535353","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner","tag-corporate-lobbying","tag-doj-investigation","tag-federal-reserve","tag-jerome-powell","tag-wall-street"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2023\/12\/jay-powell-e1768344013338.jpg?w=696","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2535353","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/3976"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2535353"}],"version-history":[{"count":3,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2535353\/revisions"}],"predecessor-version":[{"id":2535357,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2535353\/revisions\/2535357"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2535354"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2535353"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2535353"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2535353"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}