{"id":187713,"date":"2026-01-12T17:38:57","date_gmt":"2026-01-12T17:38:57","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2026\/01\/12\/former-fed-chairs-treasury-chiefs-condemn-trump-administrations-jerome-powell-probe\/"},"modified":"2026-01-12T17:38:57","modified_gmt":"2026-01-12T17:38:57","slug":"former-fed-chairs-treasury-chiefs-condemn-trump-administrations-jerome-powell-probe","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2026\/01\/12\/former-fed-chairs-treasury-chiefs-condemn-trump-administrations-jerome-powell-probe\/","title":{"rendered":"Former Fed chairs, Treasury chiefs condemn Trump administration’s Jerome Powell probe"},"content":{"rendered":"
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Three former chairs of the Federal Reserve and other top former economic officials are rebuking the Department of Justice for launching an\u00a0investigation into Fed Chair Jerome Powell<\/span>, saying the probe will undermine the central bank’s independence and hurt the U.S. economy.\u00a0<\/p>\n

The statement, posted on Substack on Monday, was signed by former Fed Chairs\u00a0 Janet Yellen, Ben Bernanke and Alan Greenspan, as well as by former Treasury Secretaries Timothy Geithner, Jacob Lew, Henry Paulson and Robert Rubin.<\/p>\n

“The reported criminal inquiry into Federal Reserve Chair Jay Powell is an unprecedented attempt to use prosecutorial attacks to undermine that independence,” the signers of the statement said. “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.<\/p>\n

President Trump has urged the Fed to cut rates more deeply than it has, arguing that the U.S. economy would benefit from lower borrowing costs.\u00a0<\/p>\n

Powell has long defended the central bank’s independence\u00a0on the grounds that shielding the Fed from political influence allows monetary policy makers to make objective decisions based on economic data, rather than the interests of elected officials.\u00a0<\/p>\n

Justice Department subpoenas to the Fed threaten a criminal indictment related to Powell’s testimony before the Senate Banking Committee in\u00a0June 2025<\/span>, Powell said in a video statement on Sunday.\u00a0<\/p>\n

“That testimony concerned in part a multi-year project to renovate historic Federal Reserve office buildings,” Powell said.<\/p>\n

The Fed’s independence was underscored in Monday’s letter from the former Fed chairs, Treasury secretaries and other officials.<\/p>\n

“The Federal Reserve’s independence and the public’s perception of that independence are critical for economic performance, including achieving the goals Congress has set for the Federal Reserve of stable prices, maximum employment, and moderate long-term interest rates,” the signers wrote.\u00a0<\/p>\n

\u2014 This is a developing story and will be updated<\/em><\/p>\n

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\n Edited by<\/p>\n

Alain Sherter\n <\/p>\n<\/section>\n

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