Public service sometimes requires standing firm in the face of
threats.
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.
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.
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 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.
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.