Some top Republican lawmakers on Monday assailed the Trump administration’s move to open a criminal investigation into Jerome H. Powell, the Federal Reserve chair, and warned that the central bank’s independence and credibility was at risk.
The backlash could potentially constrain President Trump’s efforts to exert legal pressure on Mr. Powell, whose term as chair expires in May but who can remain on the Fed’s policy-setting board of governors until 2028. The Justice Department served the central bank with grand jury subpoenas late on Friday and is investigating whether Mr. Powell lied to Congress last year when testifying about the renovation of the Fed’s headquarters.
“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,” Senator Thom Tillis, a North Carolina Republican and a member of the Senate Banking Committee, said. “It is now the independence and credibility of the Department of Justice that are in question.”
Mr. Tillis added that he would oppose the confirmation of any nominee for the Fed, including the upcoming chair vacancy, until the legal matter is resolved. If Mr. Tillis follows through on that pledge, it could hinder, if not prevent, Mr. Trump’s pick from getting enough votes for the nomination to advance to the full Senate. The Senate Banking Committee must approve the next Fed nominee in order to receive full Senate consideration.
Other Republican lawmakers were cautious, resisting outright criticism of the Trump administration while expressing support for Fed independence.
Senator John Thune, Republican of South Dakota and the majority leader, told reporters at the Capitol that he hadn’t “seen the allegations or what the various charges are, so it’s hard to react to” the investigation into Mr. Powell. But he said “it’s really important that it get resolved quickly and that there not be any appearance of political interference with the Fed or its activities.”
Senator Kevin Cramer, a Republican from North Dakota who also sits on the Banking Committee, echoed those concerns on Monday. Although he expressed criticism of Mr. Powell’s performance as Fed chair, he said he did not believe that Mr. Powell was a criminal.
“I hope this criminal investigation can be put to rest quickly along with the remainder of Jerome Powell’s term,” Mr. Cramer said in a statement. “We need to restore confidence in the Fed.”
Senator Lisa Murkowski, a Republican from Alaska, warned that the Trump administration’s threat to the Fed’s independence could jeopardize the stability of markets and the broader economy. She suggested that the investigation was an attempt at “coercion.”
“If the Department of Justice believes an investigation into Chair Powell is warranted based on project cost overruns — which are not unusual — then Congress needs to investigate the Department of Justice,” Ms. Murkowski wrote on X.
Some House Republicans also defended Mr. Powell. Representative French Hill, Republican of Arkansas and the chairman of the Financial Services Committee, called a criminal inquiry into Jerome Powell “an unnecessary distraction.”
Mr. Hill, who said he has known Powell for decades, said in a statement that pursuing charges against the Fed chair “could undermine this and future administrations’ ability to make sound monetary policy decisions.” He noted that the Fed is led by “strong, capable individuals appointed by President Trump.”
Some Republicans in Congress appeared to go out of their way to avoid criticizing the investigation even as they declined to endorse it. Asked by a CNN reporter whether Mr. Trump was weaponizing the Justice Department against Mr. Powell, Mike Johnson, the House speaker, said: “Of course not,” and declined to say whether he thought the criminal inquiry was warranted.
Senator Roger Marshall, Republican of Kansas, a member of the banking panel, said there were “other issues that we should be focused on.”
“This is the president throwing out one more — maybe he’s even, almost trolling here as well,” Mr. Marshall said on Fox Business. “We’ve got bigger issues to go after than this one, though.”
Mr. Trump nominated Mr. Powell to lead the Fed during his first term in 2017.
Michael Gold and Catie Edmondson contributed reporting.
Alan Rappeport is an economic policy reporter for The Times, based in Washington. He covers the Treasury Department and writes about taxes, trade and fiscal matters.
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