A Group of Former Economic Officials Slams DOJ Probe into Powell as a Pretext for Undermining Fed Independence
In an unusual display of unity among former high-ranking officials, multiple ex-Federal Reserve chairs and economic advisors have joined forces to denounce the ongoing investigation into current Chairman Jerome Powell. The group's letter describes the probe as "an unprecedented attempt" to undermine the central bank's independence.
The individuals involved in the letter include Jason Furman, a former chair of the Council of Economic Advisers under President Barack Obama, and Jessica Levinson, a CBS News legal contributor. Their collective voice serves as a stark rebuke to what many see as an overtly partisan pursuit of taking down Powell.
The investigation into Powell has been centered around the Federal Reserve's approach to interest rates and its handling during the COVID-19 pandemic. Critics have argued that Powell has become too aggressive in cutting rates, which some claim could be inflationary. Others believe he overstepped his authority by purchasing trillions of dollars worth of assets.
Furman, who served as a key economic adviser under Obama, has expressed skepticism about the investigation's intentions. According to him, it is "entirely a pretext" for taking aim at Powell and the Federal Reserve's independence. Furman believes that such investigations are not uncommon in times of intense partisan politics, but they are particularly concerning when they target an institution like the Fed.
The implications of this letter are significant, as it suggests a deepening divide between some lawmakers and the central bank. This tension could potentially impact Powell's ability to carry out his duties effectively, which is crucial for maintaining economic stability.
It remains to be seen how Powell will respond to these developments. However, one thing is clear: the fate of the Federal Reserve under his leadership hangs in the balance.
In an unusual display of unity among former high-ranking officials, multiple ex-Federal Reserve chairs and economic advisors have joined forces to denounce the ongoing investigation into current Chairman Jerome Powell. The group's letter describes the probe as "an unprecedented attempt" to undermine the central bank's independence.
The individuals involved in the letter include Jason Furman, a former chair of the Council of Economic Advisers under President Barack Obama, and Jessica Levinson, a CBS News legal contributor. Their collective voice serves as a stark rebuke to what many see as an overtly partisan pursuit of taking down Powell.
The investigation into Powell has been centered around the Federal Reserve's approach to interest rates and its handling during the COVID-19 pandemic. Critics have argued that Powell has become too aggressive in cutting rates, which some claim could be inflationary. Others believe he overstepped his authority by purchasing trillions of dollars worth of assets.
Furman, who served as a key economic adviser under Obama, has expressed skepticism about the investigation's intentions. According to him, it is "entirely a pretext" for taking aim at Powell and the Federal Reserve's independence. Furman believes that such investigations are not uncommon in times of intense partisan politics, but they are particularly concerning when they target an institution like the Fed.
The implications of this letter are significant, as it suggests a deepening divide between some lawmakers and the central bank. This tension could potentially impact Powell's ability to carry out his duties effectively, which is crucial for maintaining economic stability.
It remains to be seen how Powell will respond to these developments. However, one thing is clear: the fate of the Federal Reserve under his leadership hangs in the balance.
. It's like they're trying to discredit him and undermine the Fed's independence, you know? I mean, Jason Furman is spot on when he says it's just a pretext. Politicians trying to score points by taking aim at an institution that's not even in their direct control 
. And what really gets me is that this is happening during a time of economic uncertainty - we need the Fed to be stable and consistent, not being bullied by lawmakers 
. I hope Powell can weather this storm and keep doing his job without getting too much heat from Washington 
.
I mean, who does a group of former econ officials team up to defend their old boss? it's like they're saying the DOJ is just trying to take him down because he doesn't agree with them 
, instead of getting caught up in all this drama 
.
I MEAN, IF THEY'RE REALLY THAT CONCERNED ABOUT FED INDEPENDENCE, WHY AREN'T THEY SPEAKING OUT AGAINST THE REAL ISSUES INSTEAD OF JUST DEFENDING SOMEONE'S SKIN?! 
the DOJ probe into Powell is gettin so partisan it's crazy! i mean, come on who gets investigated for just tryin to keep the economy stable? 
it's not about Powell, it's about control 
the fact that ex-officials are comin together to denounce it is super telling 
gotta see how this plays out
. I mean, what if Powell really does get taken down? It could be disastrous for the US economy 
...
. It's like they're going after Jerome Powell just because he doesn't play by their rules #FedIndependenceMatters #PowellUnderAttack. These ex-officials are right, it's a pretext to undermine the central bank's authority and I don't think that's cool at all 
#NotCool #PoliticsAsUsual. The economy is complex enough without politicians trying to control every little thing #EconComplexity. Powell needs to do his job without all this drama and stress 
#PowellDeservesRespect. It'll be interesting to see how he handles this situation #StayTuned
. The fact that they're calling out the DOJ probe as an attempt to undermine the central bank's autonomy is just a way of saying "get off our backs" 
. I think it's time for lawmakers to stop playing politics and let Powell do his job without all this drama 
. It's like, come on guys, can't we all just get along? 
But when it comes to the Fed and interest rates, suddenly everyone's an expert on what makes good monetary policy? 
I'm not saying Powell is perfect, but at least he's trying to keep inflation in check, right?
It's not cool that some lawmakers are trying to undermine Jerome Powell like this. He's doing what he thinks is best for the economy and that's all that matters 
! This investigation is definitely a major headache for Powell, but I'm rooting for him 
. Bring on the interest rate hikes if you're gonna do 'em, Jerome 
! I mean, come on, can't they just focus on the economy instead of trying to take down the Fed chair? It's like, what's next, investigating every single interest rate decision? 
My productivity hack for the day: Prioritize your tasks by focusing on high-impact activities only. Don't waste time on unnecessary drama like this! 
.
reading this... it's like a big ol' slap in the face to the Fed and its independence 
. They're just trying to do their job, keep the economy afloat, and yet they get attacked from all sides 
. I hope they can stay focused on what matters most - keeping our economy strong 
the Fed has been doing such a great job and now all these former officials are coming together to say the DOJ probe is just an excuse to attack Powell? that's like, totally unfair 
what's next? gonna be some politician saying the CDC's vaccine approval process is a "pretext" for trying to control people's lives 
i mean, come on guys, can't we just focus on getting the economy stable and making sure ppl have food and housing without all this drama?! 