Jerome Powell

The idea of elevators, you know, it's the same elevator.

It's been there since the building was built.

So that's a mischaracterization.

And some of those are no longer in the plans.

You know, that's...

Yeah, I haven't heard that from anybody.

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.

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.

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.

Good evening.

On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas, threatening a criminal indictment related to my testimony before the Senate Banking Committee last June.

That testimony concerned, in part, a multi-year project to renovate historic Federal Reserve office buildings.

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.