Powell Vows to Stand Firm as Fed Served With DOJ Subpoenas

Summary

Federal Reserve Chair Jerome Powell says the Department of Justice served the Fed with grand jury subpoenas threatening a criminal indictment tied to his prior Senate testimony on a Federal Reserve building renovation. Powell says he respects the rule of law but describes the action as unprecedented and part of broader administration pressure on the central bank. The excerpt contains no explicit market or investment recommendations.

• Powell says the DOJ served the Federal Reserve with grand jury subpoenas.
• The subpoenas threaten a criminal indictment related to his June Senate Banking Committee testimony.
• The testimony concerned a multi-year project to renovate historic Federal Reserve office buildings.
• Powell says no one, including the Fed chair, is above the law.
• He calls the DOJ action unprecedented and tied to broader administration pressure.
• No specific assets, securities, sectors, or trades are named in the transcript.