Powell: U.S. Department of Justice's Criminal Prosecution Threat Stemmed from Fed's Independent Rate-Setting

Odaily News Federal Reserve Chairman Jerome Powell issued a statement. The U.S. Department of Justice served a grand jury subpoena to the Fed on Friday, threatening criminal prosecution over his testimony last June before the Senate Banking Committee. Jerome H. Powell stated that the testimony concerned a multi-year renovation project for a Federal Reserve office building, but the real reason for the threat of criminal charges was the Fed setting interest rates based on economic assessments, not following the President's preferences. He emphasized that the Fed must formulate monetary policy based on evidence and economic conditions, not influenced by political pressure or intimidation. He will continue to fulfill the duties confirmed by the Senate, committed to the mission of maintaining price stability and full employment.