Statement on Jerome Powell Investigation

The Society for the Rule of Law Institute released the following statement in response to the criminal investigation of Jerome Powell:

The criminal investigation of Federal Reserve Chair Jerome Powell over congressional testimony about construction costs for the Fed’s headquarter building is outrageous. The Society for the Rule of Law Institute condemns the Department of Justice’s egregious politicization of our criminal justice system for the purpose of carrying out the president’s retaliation and intimidation campaign.

These actions threaten the independence of the Fed as designed by Congress and relied upon by financial markets at home and around the world. But even more dangerous is the message it sends—again and again—that failure to fall into line with the president’s diktats exposes even very powerful people to trumped-up criminal investigation. The shocking abuse of and by the Department of Justice is profoundly incompatible with the rule of law, which is fundamental to our freedoms and the foundation of our national prosperity.

This investigation of Chair Powell threatens the ability of the Fed to do its essential and apolitical job, putting at risk the stability of the financial system upon which our economy depends. While this specific prosecution carries enormous potential economic consequences, it is only the most recent evidence of a justice system increasingly politicized, weaponized, and corrupted.

The politicization of criminal justice has consequences beyond economics; it undermines all of our fundamental values: impartial criminal justice, freedom of speech, due process, equal protection of the laws, the right to petition the government, and democracy itself. Vindictive prosecutions are utterly corrosive of the American way of life and threaten the safety, prosperity, and freedom of thought for all of us, no matter our politics.

We applaud Sen. Thom Tillis and other Republicans who have stood up to abuses by the executive branch and promised to use the power of Congress to rectify this miscarriage of criminal justice. Preventing this type of abuse of power by the executive branch is precisely why the Founders bequeathed us a constitutional system of robust checks and balances—but we must work hard, especially hard now, to maintain them.

We call on all Members of Congress to honor their constitutional duties and use the full powers of the legislative branch to oppose all politically motivated prosecutions. Accordingly, we urge the Judiciary Committees of the Senate and House of Representatives to launch serious, bipartisan oversight proceedings to shed light on the evident pattern of politicized investigation and prosecution, identify and hold accountable those responsible for these abuses, and reassure the American people that they will not be permitted under either political party.

To be connected with spokespeople for comment, please contact [email protected].

# # #