General Discussion

From the outset, Donald Trump’s legal crusade against Federal Reserve Chair Jerome Powell was as transparent as it was brazen. The president wanted Powell to lower interest rates, regardless of the impact on inflation, and when the Fed chair resisted, the Republican who appointed him started using the levers of power against him.

That effort failed in multiple ways. Even after Trump’s Justice Department launched a misguided criminal investigation, for example, Powell ignored the pressure, as he had a responsibility to do. This also led to a political pushback that proved swift, broad and bipartisan, with several congressional Republicans agreeing it was a mistake to pursue the Fed chair with trumped-up charges.....

On Friday morning, however, she reversed course and seemed to throw in the towel. MS NOW reported:

The Justice Department has closed its criminal investigation into Federal Reserve Chair Jerome Powell over the renovation of the central bank’s headquarters, removing an obstacle for Kevin Warsh, President Donald Trump’s pick to replace Powell, to be confirmed to the role.

U.S. Attorney for the District of Columbia Jeanine Pirro, a close Trump ally, said in a statement on social media Friday that the inspector general for the Fed is instead conducting an inquiry into the building’s renovation costs.

.....Any time prosecutors abandon a case that was little more than politically motivated abuse, it’s encouraging, but as the dust settles, there are broader lessons to be learned here.

Specifically, Powell didn’t flinch. The president of the United States went after him with a vengeance, trying everything he could think of, up to and including misusing the DOJ, to get the Fed chair to yield.

But he didn’t. Powell just kept doing his job, without making any effort to appease Trump, cater to his ego, accommodate his demands or offer some compromise.

The pressure was intense, but the Fed chair, who was awarded a John F. Kennedy Profile in Courage Award last month, did the right thing anyway.

Let this be a lesson to the larger political world: The only way to lose a fight against Trump is to pursue a course rooted in appeasement. It’s true when it comes to news organizations; it’s true when it comes to law firms; it’s true when it comes to higher education; and it’s true when it comes to those in positions of authority who stand their ground in the face of presidential bullying and corrupt prosecutorial attempts at intimidation.