Sen. Kevin Cramer suggests Jerome Powell resign to avoid DOJ indictment

Sen. Kevin Cramer, R-N.D., suggested Tuesday that Federal Reserve Chairman Jerome Powell should resign to avoid possible indictment, arguing that the move could prompt the Department of Justice (DOJ) to abandon its investigation.

The suggestion comes after the DOJ announced Sunday the opening of a criminal investigation into Powell, focused on the renovation of the central bank’s headquarters in Washington and the truthfulness of his testimony to Congress regarding the project.

“If you’re Jay Powell’s attorney and you want to avoid an indictment, how about you go to Jeanine Pirro and say, ‘I’m going to make a deal. I’ll resign today, if you drop the investigation today,'” Cramer said on FOX Business’ “Kudlow.”

Cramer added that his proposed legal strategy would be a “win-win for everyone.”

THUNE WARNS DOJ INVESTIGATION OF FED CHAIR POWELL ‘BETTER BE REAL’ AND ‘SERIOUS’ AMID POLITICAL REACTION

Senator Kevin Cramer suggested Tuesday that Federal Reserve Chairman Jerome Powell should resign to avoid possible indictment. (Kayla Bartkowski/Getty Images)

U.S. Attorney for the District of Columbia Jeanine Pirro said Monday that her office contacted the Fed “multiple times to discuss the cost overruns and the president’s testimony to Congress, but they were ignored, necessitating the use of legal proceedings – which does not constitute a threat.”

“The word ‘indictment’ came out of Mr. Powell’s mouth, and no one else’s,” Pirro continued. “None of this would have happened if they had simply complied with our requests. This office makes decisions based on merit, no more, no less. We agree with the Chairman of the Federal Reserve that no one is above the law, and that is why we expect his full cooperation.”

Powell testified before the Senate Banking Committee last year regarding a major renovation of two main office buildings at the Fed’s headquarters in Washington, DC. The project is expected to cost $2.5 billion and is funded by the central bank, not taxpayers.

TRUMP INSISTS GOPERS DOJ ‘LIKES’ JEROME POWELL, SAYS HE ‘CANNOT HELP HIM’ IF IT LOOKS LIKE RETRIBUTION

Federal Reserve Chairman Jerome Powell arrives at the U.S. Federal Reserve in Washington on January 13, 2026. (Nathan Howard/Reuters)

Powell confirmed in a video statement Sunday that the Federal Reserve had received “grand jury subpoenas” that threatened “criminal indictment.”

While Powell said he respected the rule of law and congressional oversight, he claimed the Justice Department’s decision was “unprecedented” and politically motivated.

“This new threat is not about my testimony last June or the renovation of the Federal Reserve buildings,” he said, adding that the threat of criminal charges is a “consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the president’s preferences.”

Republican senator vows to block Trump’s Fed nominee following Powell investigation

U.S. Attorney Jeanine Pirro said her office contacted the Federal Reserve several times before opening an investigation. ((AP Photo/Evan Vucci, file))

A Fed spokesperson told Fox News Digital they had no comment beyond Powell’s video message from Sunday.

Cramer warned on “Kudlow” that an indictment against the Fed could have a negative impact on the economy.

CLICK HERE TO DOWNLOAD THE FOX NEWS APP

“I don’t want to do anything that will disrupt this incredible rocket economy that we’re enjoying right now,” he said. “We have other big things to do that I’d rather focus on than an indictment.”

The U.S. Attorney’s Office for the District of Columbia did not immediately respond to Fox News Digital’s request for comment.

Amanda Macias of Fox News Digital contributed to this report.