Janet Yellen, Bernanke, and Greenspan Call Powell Probe an Unprecedented Attack on Fed Independence
Janet Yellen criticized the Powell investigation as politically motivated, warning it undermines the Federal Reserve’s autonomy and expressing surprise at market indifference.
Summary
On January 12, former Federal Reserve Chairs Janet Yellen, Ben Bernanke, and Alan Greenspan voiced strong support for Jerome Powell, condemning the criminal investigation against him as an unprecedented attack on the Fed’s independence. Yellen suggested the probe was politically motivated to force Powell’s removal, dismissed perjury allegations, and noted her surprise at the lack of market reaction. The trio emphasized that the central bank’s autonomy is vital for effective monetary policy and public trust.
Terms & Concepts
- Federal Reserve: The central banking system of the United States, responsible for monetary policy, financial stability, and regulation.