Could the Federal Reserve’s top official be on the brink of a legal storm?

Senator Kevin Cramer (R-N.D.) suggested on Tuesday that Federal Reserve Chair Jerome Powell should step down to avoid a potential indictment amid a Department of Justice investigation into the Fed. Over the weekend, Powell revealed that the DOJ had issued grand jury subpoenas to the Federal Reserve and warned of a possible criminal charge tied to his testimony before the Senate Banking Committee last year.

U.S. Attorney for the District of Columbia Jeanine Pirro stated on Monday via social platform X that the investigation stemmed from ignored outreach attempts by her office regarding cost overruns and Powell’s congressional statements.

Cramer’s Call for Powell’s Resignation

Senator Chris Murphy (D-Conn.) took to X on Tuesday evening to criticize Cramer’s remarks, while a Federal Reserve spokesperson declined further comment beyond Powell’s earlier video message to The Hill.

Cramer, speaking on Fox Business Network with host Larry Kudlow, didn’t mince words about what he thinks Powell should do. “If you’re the attorney for Jay Powell and you want to avoid an indictment, how about you go to Jeanine Pirro and say, ‘I’ll make a deal. I’ll step down today if you’ll drop the investigation today,’” Cramer said. To me, that would be a win-win for everybody.”

While some might see this as premature, it reflects a growing frustration with bureaucrats who seem to dodge scrutiny while ordinary Americans face the full weight of the law.

DOJ’s Investigation Sparks Controversy

The DOJ’s involvement adds another layer of tension. U.S. Attorney Jeanine Pirro explained on X that her office had repeatedly tried to engage the Fed on issues of high costs and Powell’s testimony, only to be met with silence.

Pirro doubled down with a pointed remark: “The word ‘indictment’ has come out of Mr. Powell’s mouth, no one else’s.” That’s a not-so-subtle jab at Powell for framing the narrative before the DOJ even acted. If true, it raises questions about whether the Fed is playing victim to avoid tougher scrutiny.

Over the weekend, Powell himself confirmed the gravity of the situation. He publicly acknowledged the grand jury subpoenas and the DOJ’s warning of a potential criminal charge linked to his Senate testimony. That’s no small admission from the head of the nation’s central bank.

Political Reactions Highlight Divide

Senator Chris Murphy’s response on X was predictably defensive of the establishment. It’s the same old playbook—deflect and accuse others of politicizing the justice system.

But let’s be clear: when unelected officials oversee massive financial decisions that impact every American, shouldn’t they face the same accountability as anyone else? If cost overruns and questionable testimony are on the table, ignoring outreach from a U.S. Attorney’s office isn’t just arrogant—it’s a red flag.

The Federal Reserve’s silence beyond Powell’s video message doesn’t help their case either. A spokesperson told The Hill they had nothing more to add, which feels like stonewalling when the public deserves answers. Transparency shouldn’t be optional for an institution with this much power.

Balancing Power and Accountability

This saga isn’t just about Powell or the Fed—it’s about who gets to wield unchecked influence. If the DOJ’s concerns are valid, then stepping aside might indeed be the honorable move for Powell, sparing the institution further damage.

Yet, there’s a flip side worth considering. Legal pressure on a figure like Powell could set a precedent for politically motivated investigations into independent agencies, which risks undermining their ability to function without partisan interference.

Still, when trust in institutions is already at a low, can we afford to let potential misconduct slide just to avoid rocking the boat? The frustration many feel with elite decision-makers isn’t about partisanship—it’s about fairness. Americans are tired of seeing two sets of rules, one for the powerful and another for everyone else.