Federal Reserve Chairman Jerome H. Powell issued a statement saying that the U.S. Department of Justice served a grand jury subpoena to the Fed on Friday for his testimony before the Senate Banking Committee last June, threatening criminal charges. Powell stated that the testimony concerned a multi-year renovation project for a Fed office building, but the real reason for the threat of criminal charges was that the Fed sets interest rates based on economic assessments, not the president's preferences. He emphasized that the Fed must formulate monetary policy based on evidence and economic conditions, not influenced by political pressure or intimidation. The Fed will continue to fulfill its Senate-confirmed mandate to maintain price stability and full employment.