| Speaker | Time | Text |
|---|---|---|
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Federal Reserve Scrutiny
00:01:44
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unidentified
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Democracy. | |
| It isn't just an idea. | ||
| It's a process. | ||
| A process shaped by leaders elected to the highest offices and entrusted to a select few with guarding its basic principles. | ||
| It's where debates unfold, decisions are made, and the nation's course is charted. | ||
| Democracy in real time. | ||
| This is your government at work. | ||
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| Federal Reserve Chair Jerome Powell offered this response to the U.S. Attorney's Office's criminal probe of renovations happening under his direction of the Federal Reserve headquarters here in Washington, D.C. Here's what he had to say. | ||
| Good evening. | ||
| On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas, threatening a criminal indictment related to my testimony before the Senate Banking Committee last June. | ||
| That testimony concerned, in part, a multi-year project to renovate historic Federal Reserve office buildings. | ||
| I have deep respect for the rule of law and for accountability in our democracy. | ||
| No one, certainly not the chair of the Federal Reserve, is above the law. | ||
| But this unprecedented action should be seen in the broader context of the administration's threats and ongoing pressure. | ||
| This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings. | ||
| It is not about Congress's oversight role. | ||
| The Fed, through testimony and other public disclosures, made every effort to keep Congress informed about the renovation project. | ||
| Those are pretexts. | ||