The chairman of the Federal Reserve, Jerome Powellsaid, this Sunday (11), that he is being investigated by federal prosecutors for not giving in to pressure from the government of United States President Donald Trump to lower the country’s interest rates.
A .
“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 president’s preferences,” Powell said.
Trump and his allies have repeatedly criticized Powell over the past year for not lowering interest rates at the president’s request.
The Fed cut rates three times in a row in the second half of last year, although officials have recently said they are unlikely to cut them again for a while.
“I have deep respect for the rule of law and accountability in our democracy. No one — certainly not the chairman of the Federal Reserve — is above the law. But this unprecedented action must be seen in the broader context of the government’s ongoing threats and pressure,” the FED chairman continued.
he further said that he served in four administrations, both Democratic and Republican, and in “each case, I performed my duties without fear or political favor, focusing exclusively on our mandate of price stability and full employment.”
“Public service sometimes requires firmness in the face of threats. I will continue to do the work for which the Senate confirmed me, with integrity and a commitment to serving the American people,” he concluded.
*Published by Douglas Porto
