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.
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.
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.
I have served at the Federal Reserve under four administrations, Republicans and Democrats alike. »