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Federal Reserve Chairman Jerome Powell announced the Department of Justice (DOJ) has served the central bank with grand jury subpoenas related to his testimony last June before the Senate Banking Committee related to the renovation of the Fed’s headquarters.

In an online video posted on Sunday evening, Powell said he was being threatened with a criminal indictment and accused the Trump administration of using the DOJ to pressure the Fed into doing its bidding in regard to interest rate levels.

“I have deep respect for the rule of law and for accountability in our democracy,” Powell said. “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.”

Powell added that the DOJ’s action had nothing to do with his Senate testimony about the cost overruns on renovation project, which President Trump and members of his administration have vainly tried to turn into a scandal. Throughout 2025, the president and his team have launched a series of derogatory and vicious attacks against Powell’s character and competence, with the president musing repeatedly that he might fire Powell while Treasury Secretary Scott Bessent and Federal Housing Finance Agency Director Bill Pulte insisted Powell’s decision not to cut rates during the first eight months of 2025 kept the housing market in a precarious state.

“Those are pretexts,” Powell continued, referring to the suggestion that his Senate testimony was perjured. “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. 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, who was nominated by Trump during his first term in 2018 and renominated by President Biden in 2022, is scheduled to step down as Fed chairman in May, although he has the option to stay on as a member of the Fed’s board of governors into 2028.

“I have served at the Federal Reserve under four administrations, Republicans and Democrats alike,” he concluded. “In every case, I have carried out my duties without political fear or favor, focused solely on our mandate of price stability and maximum employment. Public service sometimes requires standing firm in the face of threats. I will continue to do the job the Senate confirmed me to do, with integrity and a commitment to serving the American people.”

Trump made no public comment on Powell’s remarks, although he told NBC News on Sunday evening, “I don’t know anything about it.” The DOJ has also made no comment, although the New York Times reports the action against Powell is being coordinated by the US Attorney’s Office for the District of Columbia under the direction of US Attorney Jeanine Pirro, a former New York state prosecutor and Fox News personality who was appointed by Trump.

Powell’s message drew an angry response from Sen. Thom Tillis (R-NC), who vowed to oppose the confirmation of any nominee put forth by the White House for the Fed.

“If there were any remaining doubt whether advisers within the Trump administration are actively pushing to end the independence of the Federal Reserve, there should now be none,” Tillis said in a statement. “It is now the independence and credibility of the Department of Justice that are in question.”

Sen. Elizabeth Warren (D-MA) echoed Tillis’ outrage, writing on X, “Trump wants to nominate a new Fed Chair AND push Powell off the Board for good to complete his corrupt takeover of our central bank. He is abusing the law like a wannabe dictator so the Fed serves him and his billionaire friends. The Senate must not move ANY Trump Fed nominee.”