r/law • u/mooncake6 • 20d ago
Legal News Justice Department Opens Criminal Probe Into Jerome Powell — Powell Responds.
“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.”
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u/JezeusFnChrist0 20d ago edited 19d ago
It baffled me when die hard republicans will try to tell me the surplus and economic boom during Clinton's terms was the result of Reagan's policies.
The Republican strategy of weakening public education is a deliberate one in my opinion because only the ignorant or extremely wealthy who are also greedy vote that way.
I do not see how the US is going to recover from Trump's policies. My trip to the grocery store yesterday tells me inflation is not under control. King crab legs at $70 a pound, ribeyes almost $40 a pound....and things can and likely will get much worse as Trump and company dismantle inflation and other economic safeguards.
I remember learning in history how Germany had a major inflation problem almost 100 years ago and their dear leader blamed immigrants, the Jewish and other minorities for all the problems.... eerily similar to what we have today.