Former Fed Chairs Condemn Criminal Investigation into Jerome Powell
Three former heads of the U.S. Federal Reserve, along with 10 other prominent former officials, strongly criticized a criminal investigation into current Fed Chair Jerome Powell on Monday, calling it an attempt to undermine the central bank's independence. Janet Yellen, Ben Bernanke, and Alan Greenspan rallied behind Powell in a joint statement, according to the BBC.
The former officials expressed deep concern about the investigation, stating, "This is how monetary policy is made in emerging markets with weak institutions, with highly negative consequences for inflation and the functioning of their economies more broadly," as reported by the BBC. The statement underscored the potential damage such an investigation could inflict on the Fed's credibility and its ability to effectively manage the economy.
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