Jerome Powell
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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.
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.
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.
The threat of criminal charges is a consequence of the Federal Reserve's
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.
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.