Democrats, Republicans and former Fed chairs condemn investigation into Jerome Powell – US politics live

Senior Democrat Elizabeth Warren and Republican Thom Tillis joined by all living predecessors of Powell to criticize justice department investigation

• Ex-Fed chairs condemn Trump's bid to weaken central bank

In response to the news overnight that Donald Trump's justice department has launched a criminal investigation into Federal Reserve chair Jerome Powell, the Senate banking committee's top Democrat -Elizabeth Warren - has warned that her colleagues should not move forward with the president's nominee for the role when Powell's term expires at in May of this year.

Warren accused the president of wanting to install another sock puppet to complete his corrupt takeover of America's central bank".

Trump is abusing the authorities of the Department of Justice like a wannabe dictator so the Fed serves his interests, along with his billionaire friends.

This Committee and the Senate should not move forward with any Trump nominee for the Fed, including Fed Chair.