Fed Chair Jerome Powell, who has faced immense pressure from the Trump administration due to his refusal to comply with President Donald Trump’s demands for fiscal policy, revealed Sunday that the Department of Justice (DOJ) served the Federal Reserve with grand jury subpoenas.
In a statement posted on the Federal Reserve website, Powell explains that the DOJ served the subpoenas on Friday, ” 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,” Powell wrote.
“I have deep respect for the rule of law and for accountability in our democracy,” Powell continued. “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.”
Powell in his statement alleged that the indictment “is not about my testimony” or about “Congress’s oversight role,” but rather “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,” Powell concluded. “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. 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.”
This is a breaking news story. Updates will follow.
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