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. That testimony concerned, in part, a multi-year project to renovate historic Federal
00:17Reserve office buildings. I have deep respect for the rule of law and for accountability in
00:23our democracy. No one, certainly not the Chair of the Federal Reserve, is above the law. But this
00:30unprecedented action should be seen in the broader context of the Administration's threats and ongoing
00:35pressure. This new threat is not about my testimony last June or about the renovation of the Federal
00:42Reserve buildings. It is not about Congress's oversight role. The Fed, through testimony and
00:47other public disclosures, made every effort to keep Congress informed about the renovation project.
00:53Those are pretexts. The threat of criminal charges is a consequence of the Federal Reserve
01:00setting 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. I have served at the
01:22Federal Reserve under four administrations, Republicans and Democrats alike. In every case, I have carried
01:29out my duties without political fear or favor, focused solely on our mandate of price stability and maximum
01:36employment. Public service sometimes requires standing firm in the face of threats. I will continue to do the
01:44job the Senate confirmed me to do, with integrity and a commitment to serving the American people. Thank you.
