In a disappointing turn that has conservatives scratching their heads, Senator Tim Scott (R-SC) threw his support behind Federal Reserve Chairman Jerome Powell this week, declaring he does "not believe" the embattled Fed chief "committed a crime" during his 2025 congressional testimony.
Scott, who chairs the powerful Senate Banking, Housing, and Urban Affairs Committee, made the remarks despite an ongoing Justice Department investigation into Powell's conduct and widespread conservative criticism of the Federal Reserve's disastrous monetary policies under his leadership.
The South Carolina Republican's defense of Powell comes at a time when many Americans are demanding accountability from the very institutions that have failed them. Powell's Fed has been criticized for contributing to inflation that crushed working families and for policies that many believe prioritized Wall Street over Main Street.
Markets Unmoved by Political Theater
Financial markets appear unimpressed by Scott's political posturing. According to market analyst @0xPolyVera on social media, "March Fed hold priced at 90.5¢ on Polymarket. Sen. Scott defends Powell — says no crime in congressional testimony. Market unmoved. $57M wagered. 41 days to FOMC."
The betting markets suggest traders are focused on monetary policy outcomes rather than Washington's political kabuki theater.
"Sen. Scott defends Powell — says no crime in congressional testimony. Market unmoved."
Scott's statement raises serious questions about whether Republican leadership will hold the administrative state accountable or continue the swamp's tradition of protecting its own. While Scott acknowledged "policy disagreements" with Powell, his reluctance to support a thorough investigation disappoints conservatives who expected more from Trump-era Republicans.
With President Trump's second-term agenda focused on draining the swamp and holding government officials accountable, Scott's position puts him at odds with the America First movement that swept Republicans back into power.
Patriots deserve leaders who will challenge the failed institutions that have betrayed the American people, not senators who provide cover for the very swamp creatures Trump was elected to remove. Will Scott reconsider his position, or will he continue defending the establishment that has failed America?