Leavitt accuses Sen Tillis of holding US economy 'hostage' over Fed nomination dispute

Powell has led the Fed since Trump nominated him to the post in 2017. The DOJ is investigating whether Powell knowingly misled lawmakers about the cost and timeline of a $2.5 billion renovation of the Fed's headquarters.

Trump has repeatedly called for lower rates, but Powell has resisted, citing the need for the agency to protect its independence.

The Fed maintains U.S. financial stability by governing the money supply and credit conditions to keep inflation under control and maximize employment - a mission Powell has said needs to be separate from the political goals of any given administration.

Fox News' Leo Briceno contributed to this report.