On January 11, 2026, Federal Reserve Chair Jerome H. Powell addressed the recent issuance of grand jury subpoenas by the Department of Justice, which threaten a criminal indictment related to his testimony before the Senate Banking Committee in June. This testimony included details about a multi-year project to renovate historic Federal Reserve office buildings.

Powell emphasized the importance of the rule of law and accountability within the democratic framework, asserting that no individual, including the chair of the Federal Reserve, is above the law. He characterized the subpoenas as part of a broader context of pressure from the current administration, suggesting that the legal actions are not genuinely about the renovation project or oversight by Congress, but rather a response to the Federal Reserve's independent decision-making regarding interest rates.

He argued that the Federal Reserve's ability to set interest rates should be based on economic evidence and conditions, rather than influenced by political pressures. Powell noted his experience serving under both Republican and Democratic administrations, maintaining that he has consistently focused on the Federal Reserve's mandate of price stability and maximum employment, regardless of political considerations. He reaffirmed his commitment to fulfilling his responsibilities with integrity and dedication to the American public.