All living former chairs of the Federal Reserve and several former U.S. Treasury Secretaries jointly condemn the criminal investigation of Powell

Three former Federal Reserve chairs and four former U.S. Treasury Secretaries who served in both Democratic and Republican administrations strongly condemned the U.S. Department of Justice's investigation into current Federal Reserve Chair Jerome Powell, stating that this move would undermine the independence of the Federal Reserve.

In a joint statement, they said, "This practice is common in emerging market countries with weak institutions, and the result often has serious negative impacts on inflation and the overall economy. This situation should not occur in the United States. America's greatest strength is the rule of law, which is the foundation of our economic success."

This brief statement was signed by three living former Federal Reserve chairs: Janet Yellen, Ben Bernanke, and Alan Greenspan.

Also co-signing were former U.S. Treasury Secretaries: Tim Geithner and Jacob Lew, both of whom served under President Obama; Henry Paulson, who served under President George W. Bush; and Robert Rubin, who served under President Clinton. Yellen herself later served as Treasury Secretary under President Biden.

The statement was also signed by a group of bipartisan former White House economic advisors.

On the same day, Yellen stated that the investigation by the Trump administration into current Chair Powell is "extremely chilling" for his successor, and the market should be concerned.

Before the statement was released, reports on Sunday indicated that the U.S. Department of Justice had issued a subpoena to the Federal Reserve regarding Powell's statements during a congressional hearing last year. This is the latest public show of support for the independence of the Federal Reserve in the face of ongoing attacks from President Trump and his administration.

In September, a group of former Federal Reserve and Treasury officials with similar backgrounds submitted an "amicus curiae" brief in support of Federal Reserve Governor Lisa Cook, whom Trump is attempting to remove. The U.S. Supreme Court is set to hear the case later this month