Statement from Federal Reserve Chair Jerome H. Powell upon receipt of grand jury subpoenas and threat of indictment

essentialsaltes · 2026-01-12T08:36:41-0600

Statement from Federal Reserve Chair Jerome H. Powell

I have deep respect for the rule of law and for accountability in our democracy. No one—certainly not the chair of the Federal Reserve—is above the law. But this unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure.

This new threat [of indictment] is not about my testimony last June or about the renovation of the Federal Reserve buildings. Those are pretexts. 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.

I have served at the Federal Reserve under four administrations, Republicans and Democrats alike. In every case, I have carried out my duties without political fear or favor, focused solely on our mandate of price stability and maximum employment. Public service sometimes requires standing firm in the face of threats. I will continue to do the job the Senate confirmed me to do, with integrity and a commitment to serving the American people.

Fantine · 2026-01-12T08:42:34-0600

This probe is following a disgustingly familiar pattern.
Step 1: Smear campaign, usually completely unwarranted.
Step 2: Investigate the innocent victim of the smear campaign with a foregone conclusion.
Step 3: Install a puppet in place of the innocent victim, there being no shortage of obsequious nitwits willing to assume the roles.

Say it aint so · 2026-01-12T11:27:33-0600

I am quite sure Trump has DOJ head Pam Bondi looking at coming up with Grand Jury investigations for all those who stuffed Trump into a locker when at remedial school

essentialsaltes · 2026-01-12T15:05:36-0600

Senate Republican [Thom Tillis of NC] Says ‘Independence and Credibility’ of DOJ Is Now ‘in Question’ After Powell Probe

If there were any remaining doubt whether advisers within the Trump Administration are actively pushing to end the independence of the Federal Reserve, there should now be none. It is now the independence and credibility of the Department of Justice that are in question.

I will oppose the confirmation of any nominee for the Fed—including the upcoming Fed Chair vacancy—until this legal matter is fully resolved.

DaisyDay · 2026-01-12T15:09:51-0600

At what point do we get to use the f-word (not that one, the other one) in describing this government? The president is trying to use the power of his office to coerce government employees into do falsify reports and change their better, professional judgements to his own liking. He fired the Bureau of Statistics head because the stats weren't to his liking; now he's trying to strong-arm the head of the Fed. Evidently, tone deaf Trump wants a one man band.

MotoToTheMax · 2026-01-12T15:17:42-0600

DaisyDay said:
At what point do we get to use the f-word (not that one, the other one) in describing this government? The president is trying to use the power of his office to coerce government employees into do falsify reports and change their better, professional judgements to his own liking. He fired the Bureau of Statistics head because the stats weren't to his liking; now he's trying to strong-arm the head of the Fed. Evidently, tone deaf Trump wants a one man band.

We won't, because "civility." Despite the fact this administration spits in the face of civility constantly.

wing2000 · 2026-01-12T17:25:33-0600

essentialsaltes said:
I will oppose the confirmation of any nominee for the Fed—including the upcoming Fed Chair vacancy—until this legal matter is fully resolved.

Sen. Lisa Murkowski (R-Alaska) and Kevin Cramer (R-North Dakota) have expressed concerns as well.

+

Every former chair of the Federal Reserve joined a bipartisan group of former treasury secretaries and top economic officials on Monday to issue a rare public rebuke of the Trump administration’s criminal inquiry into Fed Chair Jerome H. Powell, warning that the move threatens the central bank’s independence and the rule of law.

“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,” wrote the officials, including former Fed chairs Ben S. Bernanke and Alan Greenspan and former treasury secretaries Robert E. Rubin and Timothy F. Geithner. “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.”

https://www.washingtonpost.com/business/2026/01/12/jerome-powell-fed-chair-investigation/

Laodicean60 · 2026-01-12T17:59:33-0600

I don't see anything wrong with it, Trump has the right to look at $2.5 billion for renovations. Knowing if Powell perjured about this money then he's in trouble. Need to be investegated because that's a lot of money.

Belk · 2026-01-12T22:54:12-0600

Laodicean60 said:
I don't see anything wrong with it, Trump has the right to look at $2.5 billion for renovations. Knowing if Powell perjured about this money then he's in trouble. Need to be investegated because that's a lot of money.

You don't? What a stunning admission.

MarcusGregor · 2026-01-12T23:05:20-0600

Criminals investigating "criminals"

That's rich.

Laodicean60 · 2026-01-13T08:07:36-0600

Belk said:
You don't? What a stunning admission.

I'm used to this stuff from our government. I've seen it in the last 10 years. The question is, did Powell lie to Congress? If not, a nothing burger. If the renovations were 1 BILLION dollars but 2.5B, I'd like to see a list of what they bought with all that money, aren't you, or do you think they can print money and use it for their own use?

Belk · 2026-01-13T08:11:46-0600

Laodicean60 said:
I'm used to this stuff from our government. I've seen it in the last 10 years. The question is, did Powell lie to Congress? If not, a nothing burger. If the renovations were 1 BILLION dollars but 2.5B, I'd like to see a list of what they bought with all that money, aren't you, or do you think they can print money and use it for their own use?

I think that if you are incapable of seeing the rather obvious issues at play, discussing this with you is a complete waste of time.

Laodicean60 · 2026-01-13T09:20:42-0600

Belk said:
I think that if you are incapable of seeing the rather obvious issues at play, discussing this with you is a complete waste of time.

Explain to me what you see again. I've missed understanding some threads, but I'll blame it on medical marijuana. As I sit, I am capable of seeing, I haven't had my second dose.

Fantine · 2026-01-13T14:15:15-0600

Client Challenge

The Trump administration approved all but $700,000 for the improvements (first Trump administration). There have been $700,000 in cost overruns.

My first question:
Obviously there is a project manager working with the contractors and subcontractors and reporting back to the Fed, including Chairman Powell. He's not there in a hard hat asking questions and getting details. He would not be able to do his more important job if he was micromanaging this project.
Secondly, I'm a homeowner. I had a deck rebuilt for $14,000 a few yenars ago. It seemed like a lot, and wood was a big part of the cost. So since the project has been approved, Powell has had to deal wit h:
- Trump inflation
- Trump tariffs, especially to Canada, our biggest supplier of lumber
- Trump decimating the construction workforce with ICE raids and disruptions. As most of you know, many construction workers are Hispanic.
- the Trump mismanaged COVID pandemic which left us with many more deaths and hospitalizations, resulting in construction delays.

So who is to blame for this $700,000 cost overrun? The man who went bankrupt several times managing his own construction projects in Atlantic City...because Powell is a person of integrity, he won't use the Trump solution (stiffing contractors for work already done.)

We hope the site problems here are now solved, however, if you still have any issues, please start a ticket in Contact Us

Statement from Federal Reserve Chair Jerome H. Powell upon receipt of grand jury subpoenas and threat of indictment

Fact-Based Lifeform