senator. Tom Tillis (R-NC) Shocked CNBC anchor Joe Kernan when he accuses the president Donald Trump Leading ‘fabricated’ case against Fed chair Jerome Powell All he said was “frivolity” and “revenge.”
Tillis shocked Kernan during an appearance when he lashed out at the president. scream box Wednesday morning. The senator said the Justice Department’s criminal investigation of Powell over years of renovations to the Federal Reserve building is unprecedented and unfounded.
“This is the first time I’ve seen any evidence of anyone trying to force someone off the Fed board because they disagree with their policies,” Tillis said.
He was apparently referring to President Trump’s frequent criticism of Powell for not cutting interest rates quickly enough in his view – leading Trump to say he was “too late.”
Trump said in December that he planned to sue Powell because the cost of revamping the Fed had spiraled out of control, saying it would cost more than $4 billion, about $1.5 billion more than expected. The Justice Department is investigating whether Powell committed perjury when he testified before the Senate Banking Committee in June 2025 about renovation costs.
Powell said the accusations against him were false and a “consequence” of opposing Trump on interest rates.
Tillis said Wednesday that he would not believe the allegations against Powell because he was at the “alleged crime scene” when Powell testified.
Asked if he heard anything that might amount to perjury, he told CNBC: “Absolutely not.”
Kernen — after Tillis charged U.S. Attorney Jeanne Pirro — spearheading a flimsy case to appease the president — was surprised by the senator’s comments.
“You’re not supposed to speak out, you’re not supposed to say what actually happened,” Kernan said.
“Why not?” Tillis replied.
“Because…usually, [Tillis is] Don’t run for re-election so the truth will set you free. But you’re judging the outcome of the investigation, you’re prejudging what’s going to happen. That’s your opinion,” Kernan said.
Tillis said he was free to express his opinion because he was a “witness to their accusations.” He then said he was willing to admit he was wrong if the accusations against Powell were stronger than he believed.
“What I’m saying is, let’s look at the subpoena, let’s look at the case and let’s get it moving,” he continued. “If they have a compelling reason, I will accept correction.”
During his remarks, Kernan said his candor was “unusual in Washington … especially for a Republican.”
That caught the co-host Andrew Ross Sorkin “You said it’s unusual for Republicans to tell the truth, is that what you’re saying?”
“It’s unusual in Washington to be so candid about a senator’s current views,” Kernan said.
From there, things get even more lively.
Watch above via CNBC.
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