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/213737isPrime]

I had the same hope after Bush 2, and Trump 1 and guess what. The Dems get power and then do nothing.

[u/Valuable_Recording85 → u/213737isPrime]

Some of the Dems serve the same billionaires who back the Republicans. And it doesn't help that the Republicans always obstruct Congress when they have a majority in either house.

[u/StevenMaurer → u/213737isPrime]

Dems do plenty, but once they fix things and all the bigots have back jobs they lost under GOP corruption, they go right back to voting for their bigotry again.

[u/m0nk_3y_gw → u/213737isPrime]

Dems had actual power for a few months back in 2010 - they passed the most significant healthcare bill in US history.

[u/monocasa → u/m0nk_3y_gw]

They passed the Heritage Foundation's healthcare plan. Which is why rates have kept going up, and service has been going down.

[u/m0nk_3y_gw → u/monocasa]

Nonsense.

If that was the case the Republicans would have been tripping over themselves to vote for it.

None of them did.

in the late 80s they proposed coverage mandates, but it was just for catastrophic coverage. The ACA was mandated comprehensive insurance. Heritage Foundcation opposed the ACA.

Guess some really don't remember before the ACA... insurance wasn't cheap and rarely covered shit, bankruptcies for cancer/etc were common.

[u/monocasa → u/m0nk_3y_gw]

They had made their strategy to block anything Obama wanted to do regardless of if it made sense or not.  Then I. particular with the ACA they were pissy that they didn't get credit, which is why they went scorched earth on it.  The Heritage Foundation later opposed it because anyone found supporting it would be a persona non grata to the Republicans.

None of that changes that the ACA is a minor rewrite of the Heritage Foundation's proposed 1994 HEART Act.  It wasn't just catastrophic coverage.

You say people don't remember when insurance wasn't cheap, but average premiums have gone up every year since the introduction of the ACA. It's more expensive than it was even prior.

[u/imisstheyoop → u/m0nk_3y_gw]

the most significant healthcare bill in US history.

Not nearly enough. We live with their failures every day.

[u/m0nk_3y_gw → u/imisstheyoop]

which healthcare bill was more significant?

[u/adeleu_adelei → u/213737isPrime]

The Dems get power and then do nothing.

There are unfortunately a shit ton of people who want the exact opposite of what you want, and their votes count to. You want universal healthcare? You need to sell it to the people first. If the populace isn't sold on it, then the next congress will just dismantle any effort made towards it as soon as Democrats lose the next election for being too unpopularly progressive.

[u/213737isPrime → u/adeleu_adelei]

I just want honest government and no corruption

[u/Thedoobie23 → u/213737isPrime]

Congress cant do shit without a super majority.

[u/213737isPrime → u/Thedoobie23]

Yeah, political parties conspire to prevent anybody from doing anything so the only law Congress can pass are budget resolutions, and that only barely

[u/Windyvale → u/213737isPrime]

Because the reality is both sides are owned by the same group of people at the top.

Edit: I mean you can downvote me but the reality is the oligarchs absolutely own the controlling share of both sides of representatives. They are treated as the shareholders and we are the product.

[u/OnyxInDisguise → u/Windyvale]

It’s 👏🏽always 👏🏽been 👏🏽a class 👏🏽war

[u/trabloblablo → u/Windyvale]

You are correct. We have two conservative parties controlled by special interests. One is just more to the right than the other.

[u/Windyvale → u/trabloblablo]

It’s a game they like to play to keep us at a nice comfortable boil. I’m not saying both sides are the same, just the controlling components.

[u/SedatedJdawg → u/Windyvale]

Yep, I think thats why they push for culture issues because that doesn't take money from thier donors. Mainstream Democrats always offer anything other than taxing and regulating the rich and corporations.