Federal Reserve Subpoenaed by Justice Department

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Transcript

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.

00:23I have served at the Federal Reserve under four administrations, Republicans and Democrats alike.

00:31In every case, I have carried out my duties without political fear or favor,

00:36focused solely on our mandate of price stability and maximum employment.