00:00The threat of criminal charges is a consequence of the Federal Reserve setting interest rates
00:05based on our best assessment of what will serve the public,
00:09rather than following the preferences of the President.
00:12This is about whether the Fed will be able to continue to set interest rates
00:16based on evidence and economic conditions,
00:18or whether instead monetary policy will be directed by political pressure or intimidation.
00:24I have served at the Federal Reserve under four administrations,
00:27Republicans and Democrats alike.
00:29In every case, I have carried out my duties without political fear or favor,
00:34focused solely on our mandate of price stability and maximum employment.
