Independence is not immunity from criminal behavior
It matters greatly whether Powell lied to Congress. Legislative oversight is not a nuisance; it is the constitutional mechanism by which unelected officials remain accountable to the public. If Powell’s testimony was accurate, the investigation should end quickly and publicly. If it was not, that fact cannot be waved away by invoking the supposed sanctity of central banking. Accountability is not optional simply because the Fed is prestigious.
Independence is not immunity from criminal behavior