00:00On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas,
00:05threatening a criminal indictment related to my testimony before the Senate Banking Committee
00:09last June. No one, certainly not the Chair of the Federal Reserve, is above the law.
00:15But this unprecedented action should be seen in the broader context of the Administration's
00:20threats and ongoing pressure. The threat of criminal charges is a consequence of the Federal
00:26Reserve setting interest rates based on our best assessment of what will serve the public,
00:31rather than following the preferences of the President. This is about whether the Fed will
00:36be able to continue to set interest rates based on evidence and economic conditions, or whether
00:41instead monetary policy will be directed by political pressure or intimidation. I have served at the
00:48Federal Reserve under four administrations, Republicans and Democrats alike. In every case, I have carried
00:54out my duties without political fear or favor, focused solely on our mandate of price stability
01:00and maximum employment. Public service sometimes requires standing firm in the face of threats.
01:08I will continue to do the job the Senate confirmed me to do, with integrity and a commitment to serving
01:14the American people. Thank you.
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