Today, U.S. Senator Kirsten Gillibrand (D-NY) released the following statement on legal intimidation against Federal Reserve Chair Jerome Powell:
“A government that demands blind obedience through punishment is the hallmark of authoritarian regimes, not America.
“I oppose the wanton act of legal intimidation against Federal Reserve Chair Powell and will continue to support the vigorous independence of the Federal Reserve. In the first year of this administration, its economic and legal campaign of fear, punishment, and chaos have failed the American people. Costs are rising, trust has fallen, and the American people and businesses are being hurt. This ridiculous and blatant abuse of power does not just hurt the Federal Reserve, but threatens the stability of the American economy.
“As Chairman Powell made clear, the administration’s legal targeting of him ‘is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions—or whether instead monetary policy will be directed by political pressure or intimidation.’ Regardless of party, I urge my colleagues to stand for the independence of our justice system and Federal Reserve to protect our economy and the American people.”
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