Jan. 11 (UPI) -- Federal Reserve Chairman Jerome Powell announced Sunday that the Department of Justice has threatened him with criminal charges over testimony he gave to Congress last year.
He called the criminal investigation into his comments in June about the renovation of Federal Reserve buildings "pretexts" to punish him and the Fed for failing to set federal interest rates based on President Donald Trump's preferences.
"I have deep respect for the rule of law and for accountability in our democracy," Powell said in a video statement posted online. "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 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."
Video message from Federal Reserve Chair Jerome H. Powell: https://t.co/5dfrkByGyX pic.twitter.com/O4ecNaYaGH— Federal Reserve (@federalreserve) January 12, 2026
