Keep pulling the thread on Jerome H. Powell.
The Department of Justice served the Federal Reserve with grand jury subpoenas on a recent Friday, threatening a criminal indictment.
The grand jury subpoenas served to the Federal Reserve are officially related to testimony Jerome H. Powell gave before the Senate Banking Committee in June.
Jerome H. Powell believes the Department of Justice's investigation is an unprecedented action that is part of a broader context of threats and pressure from the current administration.
Jerome H. Powell asserts the investigation into his testimony and Federal Reserve building renovations is a pretext for political retaliation against the central bank for setting interest rates independently of the President's preferences.
Jerome H. Powell's June testimony before the Senate Banking Committee concerned, in part, a multi-year project to renovate historic Federal Reserve office buildings.
The Federal Reserve states that it made every effort to keep Congress informed about its building renovation project through testimony and other public disclosures.
Jerome H. Powell states that throughout his service at the Federal Reserve under four presidential administrations, he has carried out his duties without political fear or favor.