Jerome Powell

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.

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.

I have served at the Federal Reserve under four administrations, Republicans and Democrats alike.

In every case, I have carried out my duties without political fear or favor, focused solely on our mandate of price stability and maximum.

Yeah, we are.

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.

Let me just say I'm not concerned about it.

And I'll tell you why.

We have a long tradition here of conducting policy in a particular way.

And that way is.

independent of all political concerns.

We do our work in a strictly nonpolitical way based on detailed analysis, which we put on the record transparently, and we don't consider political considerations.

We don't take political considerations into account.

I would add, though, that no one in the administration has said anything to me that really gives me concern on this front.