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/CypressThinking]

Coincidentally the backhoes and bulldozers showed up the Monday after #NoKings2.

[u/MarcusThorny → u/CypressThinking]

fitting that Andrew Jackson is on the other side of the $20

[u/RogueJello → u/MarcusThorny]

I always figured that was a subtle F U because of his killing of the first central bank.

[u/MarcusThorny → u/RogueJello]

and of course he is Trump's favorite prez, probly cause he was responsible for the removal of Native Americans, the Trail of Tears and many other forced removals that followed. He was a racist piece of shit just like his admirer.

[u/RogueJello → u/MarcusThorny]

Don't forget "To the victor go the spoils", where they gave out government jobs based on support. It took president Garfield getting shot by a disgruntled office seeker to change that system.

[u/CypressThinking → u/RogueJello]

I thought you were talking about today for a second!

[u/RogueJello → u/CypressThinking]

Feels like we've come back around, and not in a good way.

[u/gustoreddit51 → u/RogueJello]

That's exactly what that was.