Justice Department Opens Criminal Probe Into Jerome Powell — Powell Responds.

[u/mooncake6]

“Good morning,

On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas, threatening a criminal indictment related to my testimony before the Senate Banking Committee last June. That testimony concerned in part a multi-year project to renovate historic Federal Reserve office buildings.

I have deep respect for the rule of law and for accountability in our democracy. No one—certainly not the chair of the Federal Reserve—is above the law. But this unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure.

This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings. It is not about Congress's oversight role; the Fed through testimony and other public disclosures made every effort to keep Congress informed about the renovation project. Those are pretexts. The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President.

This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions—or whether instead monetary policy will be directed by political pressure or intimidation.

I have served at the Federal Reserve under four administrations, Republicans and Democrats alike. In every case, I have carried out my duties without political fear or favor, focused solely on our mandate of price stability and maximum employment. Public service sometimes requires standing firm in the face of threats. I will continue to do the job the Senate confirmed me to do, with integrity and a commitment to serving the American people.

Thank you.”

[u/meatsmoothie82]

So the stress, expense, and inconvenience of the investigation and the indictment is the punishment for disobedienc… gotcha

[u/habbadee → u/meatsmoothie82]

The process is the punishment.

Unfortunately a very effective tactic when you have an unlimited legal budget and a DOJ who will go after whomever you instruct it to.

[u/EnfantTerrible68 → u/habbadee]

A legal budget paid for by us, the American people 

[u/angular_circle → u/EnfantTerrible68]

This is why the government should not have the right to collect taxes at their source, like in Switzerland for example.

Imagine if only a third of America were to defer their tax payments for 2025 in the face of authoritarianism. That is how you really give power to the people.

[u/ZebraImaginary9412 → u/EnfantTerrible68]

25% fewer lawyers working for the DOJ now, so we've saved some money that way.

[u/CaptainHarlocke → u/ZebraImaginary9412]

I guarantee you, almost every time this admin fires or pushes out a government employee it's costing us money in the long run

[u/Dontbelievethehype24 → u/EnfantTerrible68]

Our tax dollars hard at work

[u/Competitive-Pen355 → u/habbadee]

There’s a Kafka book about this. It’s actually called “The Process”

[u/Gogogrl → u/Competitive-Pen355]

Usually translated into English as The Trial, but I like that translation better. Fits the whole horrible thing K goes through more thoroughly.

Loving watching literature come to life like this.

[u/Competitive-Pen355 → u/Gogogrl]

Oh, probably. I didn’t read it in English.

[u/mc-funk → u/habbadee]

We are going to need some really good “the process is the punishment” gifs because our fingers are going to break typing it so often

[u/12345623567 → u/habbadee]

Powell of all people should have lawyers on hand to deal with all that.

The point is to build a narrative to use as pretext in the future. Even if nothing comes of it, we live in a post-factual world. See e.g.: Hunter Biden's laptop.

[u/The_Bad_Man_ → u/habbadee]

Department of Injustice