nbcnews.com - Fed jerome powell DOJ investigation

Powell said the Justice Department's subpoenas were just the latest way for the administration to exert control over the Fed and its decisions on interest rates.

"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," he said.

Powell said the connection to his testimony and the headquarters renovation project, which some administration officials had seized on last year, were "pretexts."

"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," he said.

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