Former Fed Chairs Condemn Criminal Investigation into Jerome Powell
Three former heads of the U.S. Federal Reserve, along with 10 other eminent former officials, strongly criticized a criminal investigation into current Fed Chair Jerome Powell, calling it a threat to the central bank's independence. The condemnation came in a statement released on Monday, signed by Janet Yellen, Ben Bernanke, and Alan Greenspan, among others.
The former officials rallied behind Powell, asserting that the investigation resembled monetary policy practices in emerging markets with weak institutions. "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," the statement read. The group suggested the investigation was a bid to undermine the Federal Reserve's autonomy.
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