Brit Hume Says Investigation Into Jerome Powell Is Trump’s Payback for Interest Rates: ‘That’s What This Dispute Is About’

Fox News Chief Political Analyst Brit Hume dismissed the criminal investigation into Federal Reserve Chairman Jerome Powell as retribution by President Donald Trump.

Notably, the probe was approved by Hume’s former Fox News colleague Jeanine Pirro, who is now U.S. Attorney for the District of Columbia.

On Sunday, The New York Times reported that Pirro’s office opened a criminal investigation into Powell over the renovations to the Federal Reserve’s headquarters in Washington, D.C., and whether Powell lied to Congress about them. Powell responded by releasing a video saying the renovations and his testimony are merely “pretexts” meant to obscure the real reason.

“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 preferences of the President,” Powell said.

Trump has repeatedly urged the Federal Reserve to dramatically lower interest rates to try to spur economic activity. Powell and the Fed have resisted those calls. The tension boiled over in an awkward joint appearance at the Fed’s headquarters in July, where the president and the chair clashed on camera over the cost of renovating the complex.

On Monday’s Special Report on Fox News, Hume agreed with that assessment.

“I’m not sure this investigation will ever go anywhere,” he said. “I doubt very seriously that Jerome Powell lied to Congress in any intentional way. He may have been mistaken in something that he said, but I think he’s an honorable man and has tried to serve the country honorably. That doesn’t mean he’s always been right about interest rates.”

Hume then asked if anyone could really believe the investigation would be happening had Powell caved to Trump’s demands on interest rates:

“Does anybody think this would be happening, this investigation, if Powell had acquiesced to the president and set interest rates – where the president wants, which is, like, what every president wants – lower? Presidents always want lower interest rates.

It’s certainly possible that in the sweep of history, we’ll look back and say, “You know, this system with the Federal Reserve having so much control over interest rates was really not ideal.” But would it be better if the politicians and the presidents had control of interest rates? And I think not many economists you’d find on any side of any aisle that would say that’s better. And I think at bottom, that’s what this dispute is about.”

Powell’s term as Fed chair expires in May.

Watch above via Fox News.