Former Fed Chairs Rip Trump’s ‘Unprecedented’ Attack On Agency’s IndependenceA bipartisan group of former chairs of the Federal Reserve condemned President Donald Trump’s “unprecedented” criminal inquiry into the agency’s current chair, Jerome Powell, calling it a brazen effort to undermine the agency’s independence.“The Federal Reserve’s independence and the public’s perception of that independence are critical for economic performance, including achieving the goals Congress has set for the Federal Reserve of stable prices, maximum employment, and moderate long-term interest rates,” read a Monday joint statement that was signed by former top federal banking officials including Ben Bernanke, Janet Yellen, Alan Greenspan, Timothy Geithner and Henry Paulson.“The reported criminal inquiry into Federal Reserve Chair Jay Powell is an unprecedented attempt to use prosecutorial attacks to undermine that independence,” they said.“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. 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.”Their full statement is here, along with a list of all signatories.See All UpdatesClose