Powell asserts Fed independence amid legal pressure
Federal Reserve Chair Jerome Powell stated that grand jury subpoenas served on the Federal Reserve are a consequence of its independent interest rate decisions. He affirmed the central bank's commitment to setting monetary policy based on economic conditions.
Subpoenas challenge Fed's autonomy
Federal Reserve Chair Jerome Powell revealed grand jury subpoenas were served, threatening criminal indictment.
He asserted this action is a pretext, designed to pressure the Fed on its independent interest rate decisions, not related to his testimony or building renovations.
Upholding the mandate
Powell emphasized the critical importance of the Fed's ability to set interest rates based on evidence and economic conditions, free from political pressure.
He affirmed his commitment to the central bank's dual mandate of price stability and maximum employment, pledging to serve with integrity.