Statement from Federal Reserve Chair Jerome H. Powell

[BeaverFever]

 

Good evening.

On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas, threatening a criminal indictment related to my testimony before the Senate Banking Committee last June. That testimony concerned in part a multi-year project to renovate historic Federal Reserve office buildings.

I have deep respect for the rule of law and for accountability in our democracy. No one—certainly not the chair of the Federal Reserve—is above the law. But this unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure.

This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings. It is not about Congress's oversight role; the Fed through testimony and other public disclosures made every effort to keep Congress informed about the renovation project. Those are pretexts. The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President.

This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions—or whether instead monetary policy will be directed by political pressure or intimidation.

I have served at the Federal Reserve under four administrations, Republicans and Democrats alike. In every case, I have carried out my duties without political fear or favor, focused solely on our mandate of price stability and maximum employment. Public service sometimes requires standing firm in the face of threats. I will continue to do the job the Senate confirmed me to do, with integrity and a commitment to serving the American people.

Thank you.

 

https://www.federalreserve.gov/newsevents/speech/powell20260111a.htm

Edited January 12 by BeaverFever

[BeaverFever]

2 minutes ago, BeaverFever said:

 

Good evening.

On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas, threatening a criminal indictment related to my testimony before the Senate Banking Committee last June. That testimony concerned in part a multi-year project to renovate historic Federal Reserve office buildings.

I have deep respect for the rule of law and for accountability in our democracy. No one—certainly not the chair of the Federal Reserve—is above the law. But this unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure.

This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings. It is not about Congress's oversight role; the Fed through testimony and other public disclosures made every effort to keep Congress informed about the renovation project. Those are pretexts. The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President.

This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions—or whether instead monetary policy will be directed by political pressure or intimidation.

I have served at the Federal Reserve under four administrations, Republicans and Democrats alike. In every case, I have carried out my duties without political fear or favor, focused solely on our mandate of price stability and maximum employment. Public service sometimes requires standing firm in the face of threats. I will continue to do the job the Senate confirmed me to do, with integrity and a commitment to serving the American people.

Thank you.

https://www.federalreserve.gov/newsevents/speech/powell20260111a.htm

“Dictator on Day One” still being a dictator on Day 356

[West]

😆 

[Hodad]

Instead of being horrified by yet another blatant abuse of power, I have every expectation that the cultists here will cheer the further dismantling of our democratic checks and balances. They will cheer a no-longer-politically-independent DOJ being misused to intimidate the FED into being no-longer-politically -independent. 

They will cheer a government that, instead of serving the people, serves only the would-be dictator. 

[Radiorum]

I was just about to post a thread highlighting this very statement. Thanks for sharing it.

The Trump administration is out of control. He is mad with power.

Here are the important points -

Trump’s Department of Justice has served the Federal Reserve with grand jury subpoenas threatening criminal indictment, using Jerome Powell's testimony before the Senate banking Committee as a pretext. (The appearance was about renovating office buildings.)

It’s all about setting interest rates – and Trump wants his preferences to be the deciding factor – not what will best serve the public and the economy, based on evidence and economic conditions.

Monetary policy cannot be decided by political intimidation.

 

 

Edited January 12 by Radiorum

[West]

Never thought I would see a leftist defending bankers. TDS runs deep

[Radiorum]

6 minutes ago, West said:

Never thought I would see a leftist defending bankers. TDS runs deep

TDS? Putting Trump above the economy I would say is the deranged position

[West]

Just now, Radiorum said:

TDS? Putting Trump above the economy I would say is the deranged position

So now you folks are defending bankers? I thought they were corrupt? Or was that just a political talking point to get Obama and the socialists elected?

[Radiorum]

2 minutes ago, West said:

So now you folks are defending bankers? I thought they were corrupt? Or was that just a political talking point to get Obama and the socialists elected?

How could you so totally miss the point?

[West]

Just now, Radiorum said:

How could you so totally miss the point?

You quoted me...

[Radiorum]

11 minutes ago, West said:

You quoted me...

Here's the point - the Federal Reserve must be independent.

In every country where the money supply is controlled by politicians instead of an independent board, they end up with rampant inflation. 

Trump only wants to do what feels good for him in the moment. he doesn't care at all about the effects

[Moonlight Graham]

"Trump is not a dictator" - people with low IQs

[West]

18 minutes ago, Radiorum said:

Here's the point - the Federal Reserve must be independent.

In every country where the money supply is controlled by politicians instead of an independent board, they end up with rampant inflation. 

Trump only wants to do what feels good for him in the moment. he doesn't care at all about the effects

You would have to go back to the banking crash in 2008 and subsequent Obama era policies and appointments.The reserve has been a political talking point of the left wing since that point. Now all the sudden they change their mind. 

Obama leveraged the strings of the federal reserve through his Operation choke point to target banks who lended to conservative friendly groups ie gun rights groups. Biden used similar meddling to target Crypto and threaten to debank many conservatives.

TDS is the only explanation for your change of heart

Edited January 12 by West

[robosmith]

1 hour ago, BeaverFever said:

“Dictator on Day One” still being a dictator on Day 356

As predicted. Anyone with the desire and power to achieve dictator status will never give it up until FORCED OUT.

[robosmith]

46 minutes ago, West said:

Never thought I would see a leftist defending bankers. TDS runs deep

Thanks for demonstrating you haven't clue about what's happening.

Here's a hint: Trump wants to goose the economy with irresponsibly low interest rates solely to serve HIS SHORT TERM POLITICAL INTERESTS. 

Same thing GWB did that crashed the economy and caused the Great Recession of 2008. Took 10 years for Obama to repair the damage.

Do you understand now? LMAO

42 minutes ago, West said:

So now you folks are defending bankers? I thought they were corrupt? Or was that just a political talking point to get Obama and the socialists elected?

Thanks for demonstrating again you know NOTHING about what happened. LMAO

[West]

8 minutes ago, robosmith said:

Thanks for demonstrating you haven't clue about what's happening.

Here's a hint: Trump wants to goose the economy with irresponsibly low interest rates solely to serve HIS SHORT TERM POLITICAL INTERESTS. 

Same thing GWB did that crashed the economy and caused the Great Recession of 2008. Took 10 years for Obama to repair the damage.

Do you understand now? LMAO

Thanks for demonstrating again you know NOTHING about what happened. LMAO

Obama used a coordinated effort between the federal reserve, the DOJ, and other regulatory bodies to target banks lending conservative groups. Cry about it

Edited January 12 by West

[herbie]

But whatabout Obama? Whatabout whatabout whatabout

Edited January 12 by herbie

[West]

9 minutes ago, herbie said:

But whatabout Obama? Whatabout whatabout whatabout

The socialist takeover of institutions is coming to a close. Lefties are flailing now. Fun to watch

[robosmith]

1 hour ago, West said:

Obama used a coordinated effort between the federal reserve, the DOJ, and other regulatory bodies to target banks lending conservative groups. Cry about it

You have ZERO evidence of Obama coordinating ANYTHING with the DoJ.

Trump is the only POTUS to do that since Nxon.

33 minutes ago, West said:

The socialist takeover of institutions is coming to a close. Lefties are flailing now. Fun to watch

Thanks for proving YOUR IGNORANCE about what Trump is doing.

Did you completely MISS the "truth" Trump sent demanding Bondi prosecute Comey, James and Schiff? LMAO

[John Stone]

Who would deny that this is  unprecedented?

Trump's administration is fueled with the unprecedented. 

 

............. likely suck to be on a fixed income tho. 

 

[WestCanMan]

Do any leftards here understand what Powell might actually be indicted for?

No, you do not, so stfu. 

[Michael Hardner]

https://www.nbcnews.com/politics/trump-administration/fed-jerome-powell-doj-investigation-rcna253517

 

To the point, it IS hard to get to the core reason for this indictment 

[Deluge]

15 hours ago, BeaverFever said:

“Dictator on Day One” still being a dictator on Day 356

One day you perverts will look back and see how right Trump was, and how stunted & corrupt you were. 

[WestCanMan]

1 hour ago, Michael Hardner said:

https://www.nbcnews.com/politics/trump-administration/fed-jerome-powell-doj-investigation-rcna253517

 

To the point, it IS hard to get to the core reason for this indictment 

NYT:

Officials told The New York Times, which was first to report the probe, that it centers on whether Powell accurately characterized the scope and cost of the renovation during congressional appearances.

Leftists: "Trump put the wrong sq footage on a loan application, which he paid off, and the bank was 100% satisfied and pressed no charges: 34 FELONIES!!!!! YAY!!!!!!"

Leftists: "Powell seems to have lied to congress about the scope and cost of work to be done at the Fed Reserve Bank, to the tune of hundreds of millions of dollars... So what?"

Remember how irate leftists got when Trump renovated the WH, and added a ballroom? "OMG IT'S THE END OF THE WORLD! HITLER ALSO BUILT A BALLROOM!" 🤣

You guys are f'ing children, and your constant tantrums are beyond sickening.

[WestCanMan]

5 hours ago, John Stone said:

Who would deny that this is  unprecedented?

34 felonies just called. They wanna know why you're not cheering about this new fraud investigation. They said that being off by over half a billion dollars is a lot.

I said that you were just being a hypocrite, and that maybe you're a bit of a cultist, and they said "Yeah, he's my kinda peeps."