"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 unprecedentedaction 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. 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 bypolitical pressure or intimidation."
The Department of Justice served the Federal Reserve with grand jury subpoenas that threaten a criminal indictment connected to testimony given before the Senate Banking Committee last June. That testimony partly involved a multi-year renovation of historic Federal Reserve office buildings. The Fed emphasized deep respect for the rule of law and for accountability in democracy, and noted that no one, including the Fed chair, is above the law. The action was characterized as unprecedented and placed in the context of perceived administration threats and ongoing pressure. The subpoenas were described as a pretext tied to disputes over the Fed’s independent interest-rate decisions.
Read at Axios
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