Jerome Powell

But we decided to take it on because, honestly, when I was the administrative governor before I came chair, I came to understand how badly the Eccles building really needed a serious renovation.

It never had one.

It was not really safe and it was not waterproof and that kind of thing.

So we took it on.

Public service sometimes requires standing firm in the face of threats.

I will continue to do the job the Senate confirmed me to do.

with integrity and a commitment to serving the American people.

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.

I have deep respect for the rule of law and for accountability in our democracy.

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.

This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings.

It is not about Congress's oversight role.

The Fed, through testimony and other public disclosures, made every effort to keep Congress informed about the renovation project.

Those are pretexts.

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.

Public service sometimes requires standing firm in the face of threats.

I will continue to do the job the Senate confirmed me to do with integrity and a commitment to serving the American people.

Thank you.

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