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Originally published by Capital Businessbusiness
January 13, 2026
4h ago
Former Fed chairs condemn criminal investigation into Jerome Powell
JAN 13 - Three former heads of the US central bank on Monday decried a criminal investigation into chair Jerome Powell, calling it a bid to undermine the Kenya breaking news | Kenya news today |..
✨ Key Highlights
Three former chairs of the US Federal Reserve, including Janet Yellen, Ben Bernanke, and Alan Greenspan, have strongly condemned a criminal investigation into current Chair Jerome Powell, labeling it an attempt to undermine the central bank's independence. This condemnation comes after Powell revealed the US Department of Justice (DoJ) is investigating his testimony regarding renovations to Federal Reserve buildings.
- Three former Fed chairs and 10 other former officials issued a statement supporting Jerome Powell.
- The DoJ investigation is seen as "unprecedented" and potentially linked to President Donald Trump's dissatisfaction with the Fed's interest rate policies.
- Yellen called the probe "extremely chilling" and expressed concern it reflects a desire to remove Powell, possibly leading to a "banana republic" scenario.
- President Trump has publicly urged the Fed to cut interest rates and spent months attacking Powell on social media, even considering firing him.
- The investigation could disrupt the confirmation process for Powell's replacement, whose term ends in May.
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