Republican Lawmakers Diverge from President on Fed Chair Indictment

Former Federal Reserve chairs called the indictment an ‘unprecedented attempt’ to undermine the independence of the US central bank in a joint letter.

Former Federal Reserve chairs Janet Yellen, Ben Bernanke, and Alan Greenspan, along with other ex-economic policymakers, condemned the Trump administration’s criminal investigation into Fed Chair Jerome Powell, labeling it an unprecedented attack on central bank independence. Senator Lisa Murkowski supported blocking Trump’s Fed nominees, arguing that the Fed’s independence is crucial for economic stability. Amid this backdrop, White House economic adviser Kevin Hassett expressed concerns about construction cost overruns related to the Fed’s new building. Trump’s pressure for interest rate cuts and threats of indictments have raised alarms about political interference in monetary policy.