Who will stick their neck out for Jerome Powell? So far, it’s slim pickings

Analysis World North America US politics Who will stick their neck out for Jerome Powell? So far, it’s slim pickings It’s no longer possible to be shocked by the Trump administration’s overreach, including its pursuit of the president’s political enemies. President Donald Trump and Federal Reserve chairman Jerome Powell toured the Fed’s office renovation in July 2025.Credit:AP National Economic Council director Kevin Hassett said it was “part of government” to be subjected to scrutiny.Credit:Bloomberg Former Fed chair and treasury secretary Janet Yellen - pictured at Bondi Icebergs - co-signed a statement criticising the move against Powell.Credit:Louie Douvis Republican senator Thom Tillis said it was now clear beyond doubt that the Trump administration wanted to end the Fed’s independence.Credit:Bloomberg Donald Trump nominated Jerome Powell to be chairman of the Federal Reserve during his first term in office.Credit:AP The latest is Federal Reserve chairman Jerome Powell - the US equivalent of Reserve Bank governor Michele Bullock - who says he is under criminal investigation by Donald Trump’s Department of Justice over evidence he gave to Congress about a major renovation of the Fed’s office buildings. President Donald Trump and Federal Reserve chairman Jerome Powell toured the Fed’s office renovation in July 2025.Credit: AP Trump loathes Powell for being “too slow” to cut interest rates last year - even though Powell is a Republican, and was, in fact, appointed as Fed chair by Trump during his first term. In an extraordinary video message announcing that the Fed had been issued with subpoenas to testify before a grand jury, Powell was emphatic: this was not about a building reno. It was blatantly political. “The threat of criminal charges is a consequence of the Federal Reserve setting interest rates [independently] rather than following the preferences of the president,” he said. Trump coming after his political foes is nothing new. He tried - and failed, so far - to indict New York Attorney-General Letitia James and former FBI director James Comey. It’s made all the more galling by the fact Powell is on his way out - his term ends in May - and already cut interest rates in December . Powell has shown fortitude in going public and calling out the unprecedented attack on the Fed’s independence. But who else will stick their neck out, both for him and the principle? So far, it’s slim pickings. There was a gaping silence on Powell from certain business and techs titan who spend large parts of their days posting opinions online. Often outspoken hedge fund manager Bill Ackman has had nothing to say, nor has Tesla and SpaceX boss Elon Musk or entrepreneur and Trump adviser David Sacks. Silicon Valley types such as Mark Zuckerberg and Tim Cook, or Wall Street bigwigs like Jamie Dimon, had not popped their heads above the parapet to defend Powell at the time of writing ( though Dimon has previously ). Nor, however, is anyone applauding the move. Justin Wolfers, an Australian economics and public policy professor at the University of...

Preview: ~500 words