Jerome Powell

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.

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.

Very low volume.

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.

Good evening.

On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas, threatening a criminal indictment.

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.

Some of those are just flatly misleading.

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.