1 00:00:00,040 --> 00:00:04,080 Speaker 1: We've learned from Federal Reserve Chairman Jerome Powell that he 2 00:00:04,240 --> 00:00:08,600 Speaker 1: is under a criminal probe, facing potential indictment for god 3 00:00:08,640 --> 00:00:13,039 Speaker 1: only knows what, because Donald Trump wants the interest rates lower. 4 00:00:13,160 --> 00:00:17,319 Speaker 1: They are claiming that this is about how much a 5 00:00:17,400 --> 00:00:22,119 Speaker 1: Federal Reserve rebuild costs. Donald Trump believe it costs too much. 6 00:00:22,239 --> 00:00:25,520 Speaker 1: But so now the Department of Injustice, y'all's taxpayer dollars 7 00:00:25,560 --> 00:00:30,080 Speaker 1: are going to investigate the Federal Reserve chairman. This man 8 00:00:30,120 --> 00:00:35,479 Speaker 1: has served under four four presidential administrations. Let's just know 9 00:00:35,520 --> 00:00:36,320 Speaker 1: what he says. 10 00:00:36,760 --> 00:00:41,520 Speaker 2: Well, good evening. On Friday, the Department of Justice served 11 00:00:41,520 --> 00:00:45,000 Speaker 2: the Federal Reserve with grand jury subpoenas threatening a criminal 12 00:00:45,000 --> 00:00:48,600 Speaker 2: indictment related to my testimony before the Senate Banking Committee 13 00:00:48,720 --> 00:00:53,920 Speaker 2: last June. That testimony concerned, in part, a multi year 14 00:00:53,960 --> 00:00:59,520 Speaker 2: project to renovate historic Federal Reserve office buildings. I have 15 00:00:59,600 --> 00:01:02,800 Speaker 2: deeper for the rule of law and for accountability in 16 00:01:02,840 --> 00:01:06,240 Speaker 2: our democracy. No one, certainly not the chair of the 17 00:01:06,240 --> 00:01:10,480 Speaker 2: Federal Reserve, is above the law. But this unprecedented action 18 00:01:10,560 --> 00:01:13,520 Speaker 2: should be seen in the broader context of the administration's 19 00:01:13,600 --> 00:01:18,040 Speaker 2: threats and ongoing pressure. This new threat is not about 20 00:01:18,040 --> 00:01:21,160 Speaker 2: my testimony last June, or about the renovation of the 21 00:01:21,200 --> 00:01:25,040 Speaker 2: Federal Reserve buildings. It is not about Congress's oversight rule. 22 00:01:25,480 --> 00:01:29,000 Speaker 2: The Fed, through testimony and other public disclosures, made every 23 00:01:29,000 --> 00:01:33,520 Speaker 2: effort to keep Congress informed about the renovation project. Those 24 00:01:33,600 --> 00:01:38,320 Speaker 2: are pretexts. The threat of criminal charges is a consequence 25 00:01:38,400 --> 00:01:41,840 Speaker 2: of the Federal Reserve setting interest rates based on our 26 00:01:41,880 --> 00:01:45,119 Speaker 2: best assessment of what will serve the public, rather than 27 00:01:45,160 --> 00:01:49,200 Speaker 2: following the preferences of the President. This is about whether 28 00:01:49,200 --> 00:01:51,360 Speaker 2: the Fed will be able to continue to set interest 29 00:01:51,400 --> 00:01:55,040 Speaker 2: rates based on evidence and economic conditions, or whether instead 30 00:01:55,120 --> 00:01:59,000 Speaker 2: monetary policy will be directed by political pressure or intimidation. 31 00:02:00,800 --> 00:02:04,040 Speaker 2: I have served at the Federal Reserve under four administrations, 32 00:02:04,080 --> 00:02:08,360 Speaker 2: Republicans and Democrats alike. In every case, I have carried 33 00:02:08,360 --> 00:02:12,600 Speaker 2: out my duties without political fear or favor, focused solely 34 00:02:12,680 --> 00:02:17,720 Speaker 2: on our mandate of price stability and maximum employment. Public 35 00:02:17,760 --> 00:02:21,200 Speaker 2: service sometimes requires standing firm in the face of threats. 36 00:02:22,240 --> 00:02:24,920 Speaker 2: I will continue to do the job the Senate confirmed 37 00:02:25,000 --> 00:02:28,600 Speaker 2: me to do with integrity and a commitment to serving 38 00:02:28,800 --> 00:02:29,760 Speaker 2: the American people. 39 00:02:30,480 --> 00:02:33,560 Speaker 1: Thank you now. This, of course, is not the first 40 00:02:33,720 --> 00:02:36,639 Speaker 1: attempt of Donald Trump to interfere with anyone at the 41 00:02:36,680 --> 00:02:40,680 Speaker 1: Federal Reserve. As we know, he initially went after Lisa Cook, 42 00:02:41,280 --> 00:02:45,440 Speaker 1: who was also a Federal Reserve governor, for alleged mortgage 43 00:02:45,440 --> 00:02:49,640 Speaker 1: fraud and attempted to fire her after being Senate confirmed. 44 00:02:49,720 --> 00:02:53,079 Speaker 1: As is Jerome Powell, Senate confirmed, the Supreme Court will 45 00:02:53,120 --> 00:02:56,640 Speaker 1: hear that case later this month on January twenty first, 46 00:02:56,680 --> 00:03:00,800 Speaker 1: to test Donald Trump's authority to fire some one without 47 00:03:00,880 --> 00:03:04,160 Speaker 1: cause from the Federal Reserve Board. So we have to 48 00:03:04,200 --> 00:03:06,720 Speaker 1: be our own justice watch because we see that the 49 00:03:06,760 --> 00:03:11,600 Speaker 1: Department of Justice is certainly not pursuing justice. Native Lampard 50 00:03:11,720 --> 00:03:16,040 Speaker 1: is a production of iHeartRadio in partnership with Reason Choice Media. 51 00:03:16,160 --> 00:03:20,240 Speaker 1: For more podcasts from iHeartRadio, visit the iHeartRadio app, Apple Podcasts, 52 00:03:20,400 --> 00:03:22,760 Speaker 1: or wherever you listen to your favorite shows.