12.01.2026 09:22
Federal Reserve Chairman Jerome Powell stated that the U.S. Department of Justice has threatened him with a criminal indictment regarding the renovation of Fed buildings, saying, "No one is above the law, including the Fed chairman. However, this unprecedented action should be viewed in the broader context of the administration's threats and ongoing pressure."
Federal Reserve Chairman Jerome Powell reported that the Department of Justice served a subpoena to the Fed on Friday.
Powell stated that the subpoena included a threat of a criminal indictment related to his testimony given before the Senate Banking Committee last June, noting that his testimony was partly related to a multi-year project involving the renovation of historic Fed office buildings.
"NO ONE IS ABOVE THE LAW, BUT..."
Emphasizing his deep respect for the rule of law and accountability in democracy, Powell stated, "No one is above the law, including the Fed chairman. However, this unprecedented action should be viewed in the broader context of the administration's threats and ongoing pressure."
"I HAVE CARRIED OUT MY DUTIES FREE FROM POLITICAL PRESSURE"
Powell, who has served under four different administrations, including those of both Republicans and Democrats, said, "In every case, I have carried out my duties free from political pressure or favoritism, focusing solely on our mission to promote price stability and maximum employment. Public service sometimes requires standing firm in the face of threats. I will continue to fulfill the role to which the Senate confirmed me, with integrity and a commitment to serve the American people."