00:00Good evening.
00:02On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas,
00:07threatening a criminal indictment related to my testimony before the Senate Banking Committee last June.
00:14That testimony concerned, in part, a multi-year project to renovate historic Federal Reserve office buildings.
00:22I have deep respect for the rule of law and for accountability in our democracy.
00:27No one, certainly not the chair of the Federal Reserve, is above the law.
00:32But this unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure.
00:39This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings.
00:46It is not about Congress's oversight role.
00:49The Fed, through testimony and other public disclosures, made every effort to keep Congress informed about the renovation project.
00:56Those are pretexts.
00:59The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public,
01:08rather than following the preferences of the President.
01:11This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions,
01:17or whether instead monetary policy will be directed by political pressure or intimidation.
01:22I have served at the Federal Reserve under four administrations, Republicans and Democrats alike.
01:30In every case, I have carried out my duties without political fear or favor,
01:35focused solely on our mandate of price stability and maximum employment.
01:40Public service sometimes requires standing firm in the face of threats.
01:44I will continue to do the job the Senate confirmed me to do,
01:49with integrity and a commitment to serving the American people.
01:54Thank you.
