Former Fed chairs condemn criminal investigation into Jerome Powell

Three former Federal Reserve chairs, Janet Yellen, Ben Bernanke, and Alan Greenspan, along with other former officials, have criticized a Justice Department criminal investigation into current Fed Chair Jerome Powell. The DoJ probe, disclosed by Powell, concerns his testimony to a Senate committee last year regarding Federal Reserve building renovations. Powell believes the investigation is a pretext stemming from President Trump's dissatisfaction with the Fed's interest rate policies. He called the investigation "unprecedented" and linked it to the administration's pressure on the central bank. The former officials view the investigation as a threat to the Fed's independence, comparing it to monetary policy practices in emerging markets. The White House deferred to the Justice Department when asked about the Fed's independence.

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