Jerome Powell

or whether instead monetary policy will be directed by political pressure or intimidation.

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.

Right.

Those are pretexts.

Right.

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 employment.

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.

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.