In this episode of Everybody’s Business, the former Treasury secretary argues the criminal probe of the Fed Chair is “akin to shooting oneself in the foot.”

Former Federal Reserve Chair Janet Yellen on Monday criticized the federal investigation into the central bank and Chair Jerome Powell. “I find it extremely chilling for Fed independence,” she told CNBC’s Sara Eisen.

As Federal Reserve Chair Jerome Powell pushes back against a criminal probe from the Trump Justice Department, Amna Nawaz discusses the developments with Janet Yellen. She served as chair of the Federal Reserve Board from 2014 to 2018 and was Treasury Secretary during the Biden administration.

Janet Yellen said the government's ballooning debt burden could reduce the Fed's ability to address unemployment and inflation.

Former Fed Chair Janet Yellen warns of growing 'fiscal dominance' risk as federal debt nears 100% GDP. Congressional Budget Office projects US$1.9 trillion deficit, rising to 118% GDP in a decade.

Powell described the move as a part of a broader effort to pressure the central bank on monetary policy.

Sen. Kevin Cramer suggests Federal Reserve Chair Jerome Powell should resign amid a DOJ criminal probe into Fed headquarters renovation project costs.