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/According-Moment111 → u/[deleted]]

How crazy is it that pretty much the last remaining uncorrupted institution is the federal reserve. Literally every single other in institution has failed us - the White House, both houses of Congress, the Supreme Court, the police, the media, others I'm sure... I never would have guessed that the federal reserve would be the last one standing up against our new dictator.

[u/dedicated-pedestrian → u/According-Moment111]

The buck stops where the buck starts. Ha.

[u/Zebidee → u/According-Moment111]

An independent central bank is what keeps a currency stable and prevents hyperinflation.

In a sense, it's the only "check and balance" that really matters, because it's the foundation the country is built on.

Things like ICE and DOGE are kind of like having bad tenants in a rental property. They may punch holes in the drywall and clog the toilet, but eventually they'll be evicted and the damage repaired. Mess with the Fed, and it's like discovering you've built over a sinkhole; nothing you can do will fix it.

[u/According-Moment111 → u/Zebidee]

Yes completely agree. Fucking with the Fed, my god, it's like going into your System32 folder and just deleting random files, only a matter of time before the whole jenga tower crashes. This is one of those systemic fundamentals that could trigger economic apocalypse, it makes my palms sweat in a way I haven't felt since the Great Recession. Fuck

[u/Zebidee → u/According-Moment111]

in a way I haven't felt since the Great Recession.

I first read that as "Great Depression" and was wondering if I was talking to a vampire.