Democratic Senators seek to delay the nomination process for Jay Powell as chairman of the Federal Reserve.

Members of the Democratic Party on the Senate Banking Committee in the United States on Tuesday requested that Republican Committee Chairman Senator Tim Scott postpone the nomination process for former Federal Reserve Board Governor Jerome Powell, who has been chosen by President Trump to be the next Chairman of the Federal Reserve. In a letter, they stated, "For months, President Trump and his administration have repeatedly attempted to influence the Federal Reserve through intimidation, including launching criminal investigations into Federal Reserve Board member Lisa Cook and Federal Reserve Chairman Jerome Powell." The letter mentioned that the Department of Justice is investigating Cook for allegedly committing fraud in mortgage loan applications and Powell for allegedly lying to the Senate Banking Committee about renovations at the Federal Reserve headquarters. Cook has denied any wrongdoing and has filed a lawsuit in the Supreme Court to prevent her dismissal by Trump. Powell said that the investigation by the Department of Justice into him is part of a broader attempt by the government to improperly influence the monetary policy decisions of the Federal Reserve. Ranking member of the committee Elizabeth Warren and all her 10 Democratic colleagues on the committee wrote, "We request that you postpone any nomination process for Mr. Powell until the pretextual criminal investigations involving Chairman Powell and President Cook are concluded." Trump announced on Friday that he has selected Powell to take over as Chair of the Federal Reserve after Powell's term leading the Federal Reserve ends in mid-May.