00:00On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas,
00:04threatening a criminal indictment related to my testimony before the Senate Banking Committee
00:09last June. That testimony concerned, in part, a multi-year project to renovate historic
00:16Federal Reserve office buildings. I have deep respect for the rule of law and for accountability
00:23in our democracy. No one, certainly not the chair of the Federal Reserve, is above the law.
00:28But this unprecedented action should be seen in the broader context of the administration's threats
00:34and ongoing pressure. This new threat is not about my testimony last June or about the renovation of
00:42the Federal Reserve buildings. It is not about Congress's oversight role. The Fed, through
00:47testimony and other public disclosures, made every effort to keep Congress informed about the
00:52renovation project. Those are pretexts. The threat of criminal charges is a consequence of the Federal
00:59Reserve setting interest rates based on our best assessment of what will serve the public,
01:05rather than following the preferences of the President. This is about whether the Fed will
01:10be able to continue to set interest rates based on evidence and economic conditions, or whether
01:15instead monetary policy will be directed by political pressure or intimidation.
01:21I have served at the Federal Reserve under four administrations, Republicans and Democrats alike.
01:27In every case, I have carried out my duties without political fear or favor, focused solely on our mandate
01:34of price stability and maximum employment. Public service sometimes requires standing firm in the face of threats.
01:42I will continue to do the job the Senate confirmed me to do, with integrity and a commitment to serving
01:49the American people. Thank you.
