Federal Reserve Chair Jerome Powell delivered a public statement on Sunday evening in response to the Department of Justice serving the Federal Reserve with grand jury subpoenas on Friday. The subpoenas carry the threat of a criminal indictment tied to his testimony before the Senate Banking Committee in June of the prior year. That testimony addressed, in part, a long-term initiative to renovate historic Federal Reserve office buildings.
In his remarks, Powell emphasized his respect for the rule of law and accountability, stating, “No one—certainly not the chair—is above the law.” However, he framed the DOJ’s actions within a larger pattern of administration pressures and threats. He described the subpoenas as an “unprecedented action” that uses his testimony and the building renovations as “pretexts to threaten criminal charges.”
Powell asserted that the true motivation behind the investigation is the Federal Reserve’s independence in setting interest rates. He explained, “This is about 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.” He further elaborated that the issue centers on whether the Fed can continue to base monetary policy on evidence and economic conditions, free from political pressure and intimidation.
Highlighting the Federal Reserve’s transparency efforts, Powell noted that the institution has made every effort to keep Congress informed through public disclosures, distinguishing this from legitimate congressional oversight.
Reflecting on his tenure, Powell mentioned his service at the Federal Reserve under four administrations, both Republican and Democratic. In each case, he said, he has carried out his duties “without political fear or favor,” focusing solely on the Fed’s mandate of achieving price stability and maximum employment.
Powell concluded by affirming his resolve, saying, “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 commitment, serving the American people.”
