Sen. Lisa Murkowski, R-Alaska, on Monday called for a congressional investigation into the Department of Justice's criminal probe of Fed Chairman Jerome Powell.

Powell confirmed the probe on Sunday, saying the Fed received subpoenas in January that indicated a criminal probe related to his testimony before the Senate Banking Committee. Murkowski deemed the inquiry an attempt to pressure Powell to comply with President Donald Trump's demands for lower interest rates.

“After speaking with Chair Powell this morning, it’s clear the administration’s investigation is nothing more than an attempt at coercion,” Murkowski said, according to The Hill. “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.” 

Trump has long criticized Powell's hesitancy to lower interest rates, giving him the nickname "too late" Powell and repeatedly suggesting that he could fire him. The president's authority to do so remains unclear.

Ben Whedon is the Chief Political Correspondent at Just the News. Follow him on X.