Three former Fed chairs and top economic officials condemn the Trump administration’s criminal investigation into Jerome Powell, calling it an unprecedented attack on the Fed’s independence.
00:00The launch of a criminal investigation targeting U.S. Federal Reserve Chair Jerome Powell has been met with considerable backlash with three former Fed chairs and 10 other former top economic officials from the federal government on Monday, criticizing the move in the joint statement.
00:17And also Powell said on Sunday that the federal prosecutors are investigating him over the Fed's multi-billion dollar project to renovate its headquarters.
00:25He released a defiant video statement in which he pledged to continue to do the job the Senate confirmed me to do as he pointed towards the wider threats posed to the Fed by Trump administration.
00:41A joint statement signed by former Fed chairs Ben Bernanke, Alan Greenspan and Janet Yellen on Monday described the criminal inquiry into Powell as an unprecedented attempt to use prosecutorial attacks to undermine the Fed's independence.
00:57It also warned the negative consequences for inflation and the functioning of economies more broadly and stressed the importance of the rule of law.
01:06Other segmentaries of the statement include former Treasury Secretaries and former Chairs of the Council of Economic Advisers as well as Kenneth Rogoff, the former Chief Economist of the International Monetary Fund.
01:18In his video statement posted on the website on the Federal Reserve late Sunday, Powell said the Department of Justice on Friday served the Fed with grand jury serfinas,
01:28threatening a criminal indictment related to my testimony before the Senate Ranking Committee last June.
01:34The testimony concerns in a part of multi-year project renovate historic Federal Reserve Office buildings.
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