Jeanine Pirro's 'mess of a hatchet job' sets up 'lose-lose situation' for Trump: columnist

President Donald Trump has made no secret of his animosity toward Federal Reserve chairman Jerome Powell, but his administration's legal attack against the central bank head could wind up backfiring.

Powell revealed in a video statement Sunday that he was under investigation by the Department of Justice related to renovations at Fed headquarters, and MS NOW columnist Hayes Brown said the blatantly political probe poses grave risks to the U.S. economy and the rule of law.

"As a criminal matter, the investigation makes little sense," Brown wrote. "Federal prosecutors are examining whether Powell lied to Congress about the scope of the project or did not obtain the proper permits to undertake the $2.5 billion renovations, The Wall Street Journal reported. The project has run over budget, but the Fed has been transparent about where the additional costs have come from, and which features from an earlier proposal that drew criticism had been nixed."

"It’s hard to see how Powell could have benefited from this situation," Brown added.

Trump insists he had no role in launching the criminal probe, but Jeanine Pirro, his hand-picked U.S. attorney for the District of Columbia, has a history as a strident MAGA loyalist and questionable decision maker, according to Brown.

"In escalating this matter to the point that the normally staid Powell was motivated to respond with a defiant public statement, Pirro’s office has already made a mess of its hatchet job," Brown wrote. "Until lawyers formally try to obtain an indictment, this matter is going to linger in a way that lessens the pressure on Powell."

Pirro's probe has already drawn out Sens. Thom Tillis (R-NC), Elizabeth Warren (D-MA) and Lisa Murkowski (R-AK) in a fight to protect the Fed's independence, and Brown said the investigation would likely cause Powell to stay on the job longer than he might have otherwise.

"The timing of the investigation remains baffling," Brown wrote. "For one thing, Powell’s four-year term as Fed chair is due to end in May; after months of insults and criticisms of Powell by the president, there’s no chance that Trump, who first appointed Powell in 2017, does so again. When Powell’s term expires, he’ll still have two years left in his time as a member of the Fed’s Board of Governors."

"Before last week, it seemed most likely Powell would have followed past precedent and resigned from the board entirely," he added. "That’s less certain now, as doing so would leave another seat open for Trump to fill."

Pirro and her prosecutors have rattled Wall Street investors and provoked bipartisan backlash, and this is only the beginning.

"Even if they succeed in indicting the head of U.S. monetary policy — still a big if — they risk sparking a global economic crisis over fears of a fully Trump-controlled Fed and economy," Brown wrote. "It’s a lose-lose situation for the administration, one that ends with a chastened retreat or a serious blow to America’s monetary health."