By bizn_fun 
“This is how monetary policy is made in emerging markets with weak institutions, with highly negative consequences for inflation and the functioning of their economies more broadly,” the former economic policy leaders said.
The signatories included former federal government officials appointed by both Democratic and Republican presidents.
The statement of condemnation was published one day after Powell disclosed that the US Department of Justice (DoJ) served the agency with subpoenas and threatened a criminal indictment over testimony he gave to a Senate committee about renovations to Federal Reserve buildings.
Powell, whose unscheduled video statement came as a highly unusual move, also called the investigation “unprecedented”. He said he believed it stemmed from US President Donald Trump’s anger over the Fed’s setting of interest rates.
The DoJ probe “should be seen in the broader context of the administration’s threats and ongoing pressure”, Powell said.
Trump has publicly urged Powell to cut interest rates in order to reduce the US government’s hefty borrowing costs and to make it easier for Americans to get mortgages and other loans.
Last year, Trump spent months attacking Powell on social media and in remarks to reporters. He repeatedly floated the possibility of firing Powell, only to quickly disavow the idea, which analysts say would rock financial markets and spark a legal battle.
Trump said he did not “know anything” about the investigation. The Justice Department has been contacted for comment.