"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, Powell said in the statement, adding: I have deep respect for the rule of law and for accountability in our democracy."
"No onecertainly not the chair of the Federal Reserveis 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 Department of Justice opened a criminal investigation into Jerome Powell's testimony and a multi-year renovation of historic Federal Reserve buildings after serving grand jury subpoenas. The probe was launched by U.S. Attorney Jeanine Pirro amid months of pressure from President Donald Trump over interest-rate decisions. Financial observers and former Fed officials warned the action threatens Federal Reserve independence and investor confidence. Former chair Janet Yellen called the investigation extremely chilling and cautioned markets. Powell released a video and statement asserting respect for the rule of law while calling the subpoenas pretexts tied to pressure to alter rate policy.
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