chairman of the fed Jerome Powell He received a flurry of praise after he publicly responded to a Trump Justice Department criminal investigation into years-long reforms to the Federal Reserve and allegations that he lied to Congress.
The investigation was launched by the former Fox News host and current U.S. attorney in Washington, D.C. Jeanne Pirro, Come to the president donald trump Powell has been under attack for months for not lowering interest rates as he requested.
Financial observers and former Fed officials immediately spoke out, warning that Trump’s move was further evidence of his attempt to end the Fed’s independence, which has underpinned investor confidence in the economy. former fed chairman Janet Yellen On Monday, he called the U.S. Department of Justice investigation “extremely chilling” and warned that “markets should be worried.”
Powell released a video clip Sunday night and elaborated on the investigation. “On Friday, the Department of Justice issued a grand jury subpoena to the Federal Reserve, threatening criminal prosecution in connection with testimony I gave before the Senate Banking Committee last June regarding, in part, a multi-year project to renovate the historic Federal Reserve Office Building,” Powell said in a statement. He added:
I have a deep respect for the rule of law and the accountability of democratic systems. No one — certainly not the Fed chairman — is above the law. But this unprecedented action should be viewed within the broader context of government threats and ongoing pressure.
This new threat has nothing to do with my testimony last June or the renovation of the Federal Reserve Building. This has nothing to do with Congress’s oversight role; The Fed makes every effort to keep Congress informed about retrofit projects through testimony and other public disclosures. These are all excuses. The threat of criminal charges is the result of the Fed setting interest rates based on our best assessment of serving the public, rather than following the president’s preferences.
At stake is whether the Fed can continue to set interest rates based on evidence and economic conditions, or whether monetary policy will be guided by political pressure or intimidation.
I have served on the Federal Reserve under four administrations (Republican and Democratic). In every case, I performed my duties without political fear or favor and focused solely on our mission of price stability and maximum employment. Public service sometimes requires steadfastness in the face of threats. I will continue to do the job I was confirmed to do by the Senate with integrity and be committed to serving the American people.
Powell’s provocative message and blunt assessment of the facts quickly drew praise from across the political spectrum.
conservative columnist David French shared the video and wrote: “As accustomed as we are to cowardice and surrender, quiet dignity and true courage shine brighter.”
wine glass John Bresnahan Commented: “Powell made an extraordinary statement. He accused the Trump administration – without mentioning names – of opening a criminal investigation into the Fed in the rate battle.”
Here are some additional comments:
__
The post Fed Chair Jerome Powell widely praised for pushing back on Trump’s Justice Department: ‘Quiet dignity and true courage’ appeared first on Mediaite.
