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Federal Reserve Chairman Jerome Powell called out the Trump administration for attacking the central bank’s independence, saying a criminal probe is due to the Fed’s refusal to lower rates earlier this year as President Donald Trump demanded.
He said in a statement Sunday that the Justice Department of served the Fed with grand jury subpoenas, threatening a criminal indictment over his testimony before the Senate last June related to renovations on the headquarters, which has seen cost overruns.
Powell, who is typically cautious in his public remarks, was clear that the probe was political in nature and had nothing to do with the Fed renovations or his testimony, calling them “pretexts.”
“The 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, rather than following the preferences of the President,” he wrote.
“This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions—or whether instead monetary policy will be directed by political pressure or intimidation.”
Powell added that he has served under Republican and Democratic presidents “without political fear or favor,” while focusing on the Fed’s dual mandate of price stability and maximum employment.
“Public service sometimes requires standing firm in the face of threats,” he said. “I will continue to do the job the Senate confirmed me to do, with integrity and a commitment to serving the American people.”
This story was originally featured on Fortune.com
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