"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 unprecedented action 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 by political pressure or intimidation."
Federal Reserve Chair Jerome Powell said the Justice Department served the Federal Reserve with grand-jury subpoenas related to his congressional testimony about office renovations. Powell described the subpoenas and the threat of criminal charges as intimidation and a politically motivated pretext tied to disagreements over interest-rate policy. He characterized the move as part of ongoing presidential pressure that threatens Fed independence by attempting to shape monetary policy to align with presidential preferences. Powell warned that criminal prosecution over policy decisions could undermine the Fed's ability to set interest rates based on economic evidence and public interest.
Read at Truthout
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