"The vicious campaign of harassment waged by U.S. President Donald Trump against Federal Reserve Chairman Jerome Powell represents one of the most significant attempts at political interference in the institution's history. But Trump's offensive to undermine the Fed's autonomy now faces resistance from Congress, which threatens to become the last bulwark against the White House's assault on the Federal Reserve."
"Powell announced Sunday night that he is the subject of a criminal investigation by the Federal Attorney's Office. Officials from the Justice Department are investigating whether he lied during his testimony before the Senate Banking Committee last summer, where he explained the costly renovations to the institution's headquarters in Washington. Powell, however, attributed the prosecution's stance to his resistance to interference from the U.S. president, who is demanding more aggressive interest rate cuts."
"The New York economist was undeterred by the latest attack from Trump, who appointed him in 2018. In a video posted on social media, he asserted: 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."
President Donald Trump has waged an aggressive campaign to pressure Federal Reserve Chair Jerome Powell, seeking more aggressive interest rate cuts and attempting to undermine the Fed's autonomy. Powell announced that the Federal Attorney's Office is investigating whether he lied during Senate testimony about costly headquarters renovations. Powell characterized the investigation as retaliation for resisting presidential interference in monetary policy. Powell remained undeterred and posted a video defending Fed decisionmaking. A bipartisan group of leading economists including former Fed chairs Alan Greenspan, Ben Bernanke, and Janet Yellen published a letter calling the reported prosecutorial inquiry an unprecedented attack on the Fed's independence. Congress has begun to resist the White House's offensive.
Read at english.elpais.com
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