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Former Fed chairs condemn criminal investigation into Jerome Powell
Former Fed chairs and 10 ex-economic policymakers warn the DOJ inquiry risks political interference undermining central bank independence, a key to U.S. economic stability.
- On Monday, the past three heads of the U.S. Federal Reserve joined 10 other former economic policymakers in condemning the U.S. Department of Justice's criminal probe of Jerome Powell.
- On Sunday, Jerome Powell issued an extraordinary video statement disclosing that the U.S. Department of Justice opened a criminal inquiry and served subpoenas over his Senate committee testimony about Federal Reserve headquarters renovations.
- A statement signed by Janet Yellen, Ben Bernanke and Alan Greenspan called the inquiry an `unprecedented attempt` to undermine independence, while Jerome Powell called the probe `unprecedented` in an unscheduled video.
- Powell said he believed the probe stemmed from President Donald Trump's anger over Fed interest-rate decisions and added it `should be seen in the broader context of the administration's threats and ongoing pressure` by the U.S. Department of Justice.
- Last year, President Donald Trump attacked Jerome Powell, U.S. Federal Reserve Chair, and floated firing him, which analysts warned would rock financial markets and spark legal battles, while Trump said he did not `know anything` about the investigation.
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Figures like Bernanke, Greenspan and Yellen denounce "an unprecedented attempt to undermine the independence" of the Central Bank as if the US were "an emerging country with weak institutions" Read
·Madrid, Spain
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Coverage Details
Total News Sources39
Leaning Left9Leaning Right4Center11Last UpdatedBias Distribution46% Center
Bias Distribution
- 46% of the sources are Center
46% Center
L 37%
C 46%
R 17%
Factuality
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