00:00The threat of criminal charges is a consequence of the Federal Reserve setting interest rates
00:04based on our best assessment of what will serve the public,
00:08rather than following the preferences of the President.
00:12This is about whether the Fed will be able to continue to set interest rates
00:15based on evidence and economic conditions,
00:17or whether instead monetary policy will be directed by political pressure or intimidation.
00:24I have served at the Federal Reserve under four administrations,
00:28Republicans, and Democrats alike.
00:31In every case, I have carried out my duties without political fear or favor,
00:35focused solely on our mandate of price stability and maximum employment.
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