Jerome Powell

The Federal Reserve says it received grand jury subpoenas late last week about the costly renovation of the Central Bank's headquarters building in Washington and Fed Chairman Jerome Powell's testimony about that project before a Senate committee.

In an unusually combative video statement, however, Powell says those are mere pretext.

He says the threat of criminal charges is part of the administration's broader pressure campaign, designed to force the Fed to move more quickly in lowering interest rates.

The Fed was set up to be insulated from that kind of political meddling, but President Trump has ignored those guardrails.

The president is getting pushback, however, from some senators who will vote on Trump's nominee to replace Powell when the chairman's term ends in May.

The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public rather than following the preferences of the president.

This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions or whether instead monetary policy will be directed by political pressure or intimidation.

The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the president.

This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions, or whether instead monetary policy will be directed by political pressure or intimidation.

The question is, what was she doing when she was moving her car?

This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions or whether instead monetary policy will be directed by political pressure or intimidation.

No one, certainly not the chair of the Federal Reserve, is above the law.

But this unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure.

The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President.

You just added in a third building is what that is.

That's a third building.

It was built five years ago.

No one in office wants to do a major renovation of a historic building during their term in office.

Much prefer to leave that to your successors.

And this is a great example why, let alone two historic buildings that needed a lot of work.