US EditionFormer Fed chairs condemn criminal investigation into Jerome Powell
A bipartisan group of former Fed chairs and top economic officials warned the DOJ probe threatens central bank independence vital for stable prices and employment.
- 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.
215 Articles
215 Articles
Three former Presidents of the Federal Reserve (Fed) and four former Secretarys of the Treasury of Democratic and Republican administrations criticized a Department of Justice investigation into the current Fed president, Jerome Powell, warning that it would undermine the independence of the U.S. central bank. “This is how monetary policy is formulated in emerging markets with weak institutions, with highly negative consequences for inflation an…
Federal Reserve ‘ignored’ US attorney’s office inquiries into Powell’s congressional testimony ‘on multiple occasions’: Pirro
The DOJ was forced to use the “legal process” to obtain information related to Federal Reserve Chairman Jerome Powell’s congressional testimony about renovations after he “ignored” requests, US Attorney Jeanine Pirro said Monday.
Former Federal Reserve Chiefs Warn About Powell Probe
Every living former chair of the Federal Reserve has broken with tradition to warn that a Justice Department criminal probe of current Fed chief Jerome Powell could blow a hole in the central bank's independence. In a joint statement, former Fed leaders Ben Bernanke, Alan Greenspan, and Janet Yellen joined...
The president of the Fed in a video after being sued by Columbia's attorney
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