Former Fed chairs, Treasury secretaries defend Jerome Powell amid Trump DOJ's criminal probe

Core Viewpoint - A group of former Federal Reserve chairs and Treasury secretaries has defended Fed Chair Jerome Powell against threats of criminal indictment from the Trump administration's Justice Department regarding his testimony about the Fed's renovations [1][2]. Group Composition - The group includes notable figures such as former Fed Chairs Ben Bernanke, Alan Greenspan, and Janet Yellen, along with former Treasury Secretaries Timothy Geithner and Henry Paulson, as well as several former chairs of the Council of Economic Advisers from both Republican and Democratic administrations [2]. Importance of Independence - The group emphasized that the Federal Reserve's independence and public perception of that independence are crucial for economic performance, which includes achieving stable prices, maximum employment, and moderate long-term interest rates as set by Congress [3]. Concerns Over Criminal Inquiry - The statement expressed that the criminal inquiry into Federal Reserve Chair Jay Powell represents an unprecedented attempt to undermine the Fed's independence through prosecutorial means, likening it to practices in emerging markets with weak institutions that lead to negative economic consequences [5]. - The group concluded that such actions have no place in the United States, where the rule of law is fundamental to economic success [5].