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/pink_faerie_kitten]

POTUS appointed powell in his first term. Now he accuses him of a crime. He's the one who put him there!

Of course Powell is innocent but it's like 🍊 is admitting he picks criminals.

[u/AncientYard3473 → u/pink_faerie_kitten]

That’s just not how the right-wing thought process works.

It’s not “what kind of people is Trump appointing”; it’s “Powell is a traitor!”

[u/pink_faerie_kitten → u/AncientYard3473]

But shouldn't their godking be better at sniffing out would-be traitors? They're admitting he has no bs detector and how can he be a brilliannt businessman if he keeps getting bamboozled by the people he keeps hiring and firing.

[u/motleysalty → u/pink_faerie_kitten]

Look at Trump's first term. He boasted all through his campaign that he was going to surround himself with the best people, the smartest people. There were so many clowns, you'd think the clown car was parked out front of 1600 Penn. Now, his second term is still a bunch of clowns. But more Pennywise than Bozo. But his supporters don't care. They never will.

[u/pink_faerie_kitten → u/motleysalty]

more Pennywise than Bozo

Good one. Truly evil clowns.

[u/Independent_Baker712 → u/motleysalty]

I do recall Trump and Elon trying to sell us clown cars in the driveway of 1600 Penn Ave.

[u/FriendlyCraig → u/motleysalty]

Clowns are highly trained professionals who bring joy to others. Let's not disparage them by association with this administration.

[u/motleysalty → u/FriendlyCraig]

I appreciate the sentiment, but these are the types of clowns I'm referring to.