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DOJ criminal probe highlights risk of Fed losing independence – a central bank scholar explains what’s at stake

  • Written by Cristina Bodea, Professor of Political Science, Michigan State University
DOJ criminal probe highlights risk of Fed losing independence – a central bank scholar explains what’s at stakeU.S. President Donald Trump with Federal Reserve Chair Jerome Powell on July 24, 2025. Andrew Caballero-Reynolds/AFP via Getty Images)

The Department of Justice’s decision to open a criminal investigation into Federal Reserve chair Jerome Powell has reignited concern over the independence of the central bank.

In unusually blunt remarks, Powell...

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