All living former Federal Reserve chairs and several former U.S. Treasury secretaries jointly condemn the criminal investigation of Powell.

``` Three former chairs of the Federal Reserve, along with four former U.S. Treasury Secretaries who served under both Democratic and Republican administrations, have strongly condemned the U.S. Department of Justice’s investigation into current Fed Chairman Jerome Powell, saying the move will undermine the independence of the Federal Reserve. In a joint statement, they said: “This kind of practice is common in emerging market countries with weak institutions, and often results in serious negative consequences for inflation and the overall functioning of the economy. This should not happen in the United States. America’s greatest strength is the rule of law, and the rule of law is the foundation of our economic success.” The brief statement was signed by the three living former Fed Chairs: Janet Yellen, Ben Bernanke, and Alan Greenspan. Also signing were former Treasury Secretaries Tim Geithner and Jacob Lew, each of whom served under President Obama; Henry Paulson, who served under President George W. Bush; and Robert Rubin, who served under President Clinton. Janet Yellen herself later also served as Treasury Secretary under President Biden. The statement was also joined by a group of bipartisan former White House economic advisors. On the same day, Yellen stated that for Powell’s successor, the Trump administration’s investigation is “deeply chilling,” and the market should be deeply worried. Before the statement was released, it was reported on Sunday that the U.S. Department of Justice had subpoenaed the Federal Reserve over statements Powell made at a Congressional hearing last year. This marks the latest public show of support for the Federal Reserve’s independence in the face of months of attacks by President Trump and his administration. Back in September, a group of similarly high-profile former Fed and Treasury officials had submitted an “amicus curiae” brief in support of Fed Governor Lisa Cook, whom Trump is seeking to remove from office. The U.S. Supreme Court is scheduled to hear the case later this month. Risk warning and disclaimer The market carries risks, and investment should be undertaken cautiously. This article does not constitute personal investment advice and does not take into account individual users’ specific investment objectives, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article correspond to their particular circumstances. Investment decisions made accordingly are at one’s own risk. ```