Stop The Weaponization Of The Justice Department Against The Federal Reserve

Call Out Abusive Prosecution I write to express deep concern about the Department of Justice’s criminal investigation into Federal Reserve Chair Jerome H. Powell. The probe reportedly stems from Powell’s Senate Banking Committee testimony last June regarding the Federal Reserve’s building renovation project. But it is unfolding amid an overt political campaign to pressure the Fed’s interest-rate decisions. That combination raises a grave question: is the criminal process being used to coerce monetary policy rather than to pursue a good-faith law-enforcement objective?  Protect the Federal Reserve’s Independence Chair Powell has stated that the Federal Reserve received grand jury subpoenas and that prosecutors threatened a criminal indictment tied to his testimony. He has called the renovation issue a “mere pretext” for pressuring the central bank. If criminal law is being used to intimidate an independent monetary authority, Congress must respond.  The Federal Reserve’s independence is a cornerstone of U.S. economic stability. Congress insulated the Fed so monetary policy would be set based on economic conditions and long-term stability, not short-term political demands. Using criminal investigations to pressure a central bank chair risks destabilizing markets, spooking investors, and creating a precedent in which future Fed leaders must choose between sound policy and personal legal exposure.  Stop the Weaponization of Justice Prosecutorial power must not be wielded to achieve policy outcomes. Even the appearance that criminal law is being used to influence interest-rate decisions corrodes public trust and blurs the line between justice and politics.  Exercise Congressional Responsibility Congress has a constitutional responsibility to act when foundational guardrails are threatened. I urge you to respond in three concrete ways. Publicly Reject Intimidation Tactics Speak out clearly that criminal investigations must not be used to influence monetary policy or punish institutional independence.  Examine Potential Abuse of Power Hold oversight hearings to examine the basis, timing, referrals, and internal communications surrounding this investigation, including contacts between political officials and prosecutors about the Federal Reserve.  Enact Legislative Safeguards Pursue legislation that reinforces Federal Reserve independence and adds safeguards against retaliatory investigations of officials whose independence is essential to national stability, including transparency requirements and heightened review before subpoenas target monetary policymakers.  If this moment passes without response, future presidents of either party may treat independent institutions as subordinate to political will. That would damage the credibility of both the Fed and the Justice Department. This is not a partisan issue. It is a structural one. The integrity of our financial system and the legitimacy of our legal system depend on your leadership now.