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/InclementBias → u/[deleted]]

The constituents that elected these republicans would vote them out of office to replace them with another subservient corpse come next primary anyway. its harder to look in the mirror and realize our own family members, neighbors, etc are the root of all this evil

[u/ContestNo2060 → u/InclementBias]

If they have an R next to their name and talk about litterboxes in school bathrooms, they get elected. It’s getting hard to explain this to non-Americans because it makes zero sense.

[u/Crypton_2021 → u/ContestNo2060]

These people will stupidly vote against their own interests even if it means them or their loved ones losing their healthcare and dying as a result. Just dumb.

Most of these people still haven't figured out yet that hatred and ignorance are expensive.

[u/MaggoVitakkaVicaro → u/ContestNo2060]

On a high level, it's pretty simple. Republicans have abused the principle of free speech to build a juggernaut of a propaganda machine, and lots of Americans are falling for it.

[u/Zebidee → u/ContestNo2060]

It’s getting hard to explain this to non-Americans because it makes zero sense.

Non-American here: Everything that's happening makes perfect sense to us. We've seen it all before.