By Trendsetter Tribune 
The Federal Reserve chair responds after the Justice Department issued grand jury subpoenas, raising questions about political pressure and the independence of monetary policy.
On Friday, the Department of Justice issued grand jury subpoenas to the Federal Reserve, signaling the possibility of criminal charges connected to my testimony before the Senate Banking Committee last June. That testimony addressed, in part, a long-running project to renovate historic Federal Reserve office buildings.
I hold deep respect for the rule of law and for democratic accountability. No one, including the chair of the Federal Reserve, is above the law. However, this extraordinary step must be viewed in the wider context of escalating political pressure and repeated public threats directed at the institution.
This action is not genuinely about my congressional testimony or the building renovation project. It is not about congressional oversight. The Federal Reserve provided extensive testimony and public disclosures over multiple years to keep lawmakers informed about the project. Those explanations are now being used as a pretext.
At its core, this situation reflects a broader challenge: whether the Federal Reserve can continue to set interest rates based on economic evidence and conditions, or whether monetary policy will be shaped by political influence and intimidation.
I have served at the Federal Reserve under four administrations, both Republican and Democratic. Throughout that time, I have carried out my responsibilities without regard to political pressure, guided solely by our dual mandate of price stability and maximum employment.
Public service can require resilience in difficult moments. I intend to continue fulfilling the role entrusted to me by the Senate, acting with integrity and a commitment to the long-term interests of the American people.
Video message from Federal Reserve Chair Jerome H. Powell: www.youtube.com/watch?v=KckG… www.federalreserve.gov/newsevents/s…
— Federal Reserve (@federalreserve.gov) January 11, 2026 at 6:35 PM
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