Ranking Member Juan Vargas Slams DOJ’s Sham Investigation into Fed Chair Jerome Powell

January 12, 2026 Press Release WASHINGTON – U.S. Representative Juan Vargas (D-CA-52) , Ranking Member of the House Financial Services Committee Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity, released the statement below on reports that the Department of Justice has launched a criminal investigation into Federal Reserve Chair Jerome Powell. “Corrupt and baseless. Federal Reserve Chair Jerome Powell hasn't bent to Trump's will, and now this Administration is out to punish him for it. The independence of the Federal Reserve is paramount. I'm calling for an end to this sham probe and an immediate investigation into the Department of Justice's inquiry. Additionally, the Senate should refuse to confirm any new Trump Federal Reserve nominees until the Administration drops this bogus investigation once and for all.” ###