Former Fed Chairs, Treasury Secretaries Condemn Powell Probe (1)

Three former heads of the Federal Reserve and four former Treasury secretaries in Democratic and Republican administrations decried a Department of Justice investigation into current Fed Chair Jerome Powell, saying it would undermine the US central bank’s independence.

“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,” they said in a statement. “It has no place in the United States whose greatest strength is the rule of law, which is at the foundation of our economic success.”

Former Fed Chairs ...