Reports noted earlier today that the Justice Department issued a subpoena to the Federal Reserve, with Fed Chairman Jerome Powell issuing a response to the issue of potential 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 argue that this is yet another instance of the administration attempting to tighten its grip on the Federal Reserve and influence its decisions regarding interest rates. Retiring Republican Senator Thom Tillis from North Carolina is among them:
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.
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 serves on the Senate Banking Committee—the very body the Justice Department now alleges Jerome Powell misled during his June testimony. That makes the situation even more damning. Just weeks later, in July, Rep. Anna Paulina Luna (FL-13) formally referred Powell to the DOJ, citing what she said was clear perjury before the committee.
But to the RINO Tillis, lying to members of Congress is perfectly fine in order to keep up the status quo of ‘The Swamp.’ Mustn’t upset the apple cart, no, no…better to keep the Fed ‘independent’ and allow it’s chairman to lie his assets off and keep vital information from the American public who just happens to be paying everyone’s salaries here.
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.
Several others noted correctly 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
Spot on. Our founders very specifically avoided creating any branch of government that was completely ‘independent’ and unaccountable to We the People, through our elected representatives.
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.
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 time do the job?
The investigation is being run out of the DC US Attorney's office.
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
— John Carney (@carney) January 12, 2026
As another X user put it, Tillis was silent when President Joe Autopen’s Justice Dept. was doing all it could to put Trump in jail, adding, appropriately of the retiring senator: “Good riddance to bad rubbish.”
