Dark Times in the U.S.: Federal Reserve Chair Accuses Trump of Attempting to Personally Influence Interest Rates

Original article: Horas oscuras en EEUU: Reserva Federal acusa a Trump de querer fijar personalmente y «según su preferencia» las tasas de interés

This Sunday, Jerome H. Powell, the Chair of the Federal Reserve, issued a concerning statement, in which he alleged that Donald Trump is trying to personally determine interest rates «according to his preferences,» a role that is traditionally performed by the Federal Reserve based on evidence and various economic signals.

First, Powell revealed that last week, «the Department of Justice served subpoenas to the Federal Reserve for a grand jury, threatening a criminal indictment related to my testimony before the Senate Banking Committee last June. That testimony partly concerned a multi-year project to renew historic office buildings of the Federal Reserve.»

Furthermore, he added: «I have a deep respect for the rule of law and accountability in our democracy. No one – least of all the Chair of the Federal Reserve – is above the law. But this unprecedented action must be viewed in the broader context of the ongoing threats and pressure from the administration.»

At this point, he began to denounce Trump’s dark maneuvers against the work of the Federal Reserve.

«This new threat has nothing to do with my testimony last June nor with the renovation of the Federal Reserve buildings. It is not about Congress’s oversight role; the Federal Reserve, through testimonies and other public disclosures, has done everything possible to keep Congress informed about the renovation project. Those are just excuses,» 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 benefit the public, rather than following the President’s preferences. It is about whether the Federal Reserve can continue to set interest rates based on evidence and economic conditions or whether monetary policy will be directed by political pressure or intimidation,» Powell stated, directly referencing Trump.

«I have worked at the Federal Reserve during four administrations, both Republican and Democratic. In all cases, I have performed my duties without fear or political favoritism, focusing 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 confirmed by the Senate, with integrity and a commitment to serve the American people,» Powell concluded.

We will keep you informed.