00:00The threat of criminal charges is a consequence of the Federal Reserve setting interest rates
00:08based on our best assessment of what will serve the public,
00:12rather than following the preferences of the President.
00:16This is about whether the Fed will be able to continue to set interest rates
00:19based on evidence and economic conditions,
00:21or whether instead monetary policy will be directed by political pressure or intimidation.
00:27I have served at the Federal Reserve under four administrations, Republicans and Democrats alike.
00:35In every case, I have carried out my duties without political fear or favor,
00:39focused solely on our mandate of price stability and maximum employment.
