The Jerome Powell investigation shows Trump’s need for limitless power |
News that Donald Trump’s justice department has launched an investigation of Jerome Powell, chair of the Federal Reserve, is the latest example of the president’s governing philosophy: do what I want, or I will crush you. The desire to make Powell’s life miserable is also a warning sign to anyone who thinks that they have an independent source of authority.
What is happening to Powell is a test, not just for him and the Fed, but for any other person or institution that dares to stand up to the president.
If I were a supreme court justice contemplating ruling against the president in cases pending before the court involving tariffs, birthright citizenship, or the president’s authority to fire a member of the Federal Reserve board of governors, cases where there is a real probability he might lose, I’d surely be taking notice.
Powell’s “crime”? He didn’t follow orders.
As the Washington Post reports: “Donald Trump, who originally nominated Powell to serve as Fed chair during his first term in 2017, has spent much of his second term attacking and threatening to fire the Fed chief for not slashing interest rates to juice the economy.”
The investigation into Powell’s alleged lies to Congress in testimony about the renovation of the Federal Reserve building has a familiar ring to it. Lying to Congress was the pretext the administration used to indict former FBI director James Comey.
For someone who has such a complicated relationship with the truth to go after others for purportedly lying would be comical if it weren’t so dangerous.
Powell is right to say: “The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public,........