WASHINGTON >> U.S. Federal Reserve Chair ‌Jerome Powell said today the Trump administration had threatened him with a criminal indictment and served grand jury subpoenas over Congressional testimony he gave last summer regarding a Fed building renovation project, an action Powell called a “pretext” aimed at putting further pressure on the central bank to lower interest rates.

The subpoena relates to his testimony before the Senate Banking Committee in June, Powell said, regarding the Fed’s $2.5 billion renovation of two office 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," says Jerome Powell.

"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," says Jerome Powell.

Federal Reserve Chair Jerome Powell said Sunday the Department of Justice has served the central bank with subpoenas and threatened it with a criminal indictment.

Federal Reserve Chair Jerome Powell says the Department of Justice has served the central bank with subpoenas and threatened it with a criminal indictment over his testimony about the Fed’s building renovations.