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Federal Reserve Chair Jerome Powell revealed in a defiant statement late Sunday that the US Department of Justice is threatening him with criminal charges, a step the central bank chief condemned as “intimidation” for not bowing to President Donald Trump’s demands on interest rate policy.

“I have deep respect for the rule of law and for accountability in our democracy. No one — certainly not the chair of the Federal Reserve — is above the law,” Powell said in a video statement. “But this unprecedented action should be seen in the broader context of the administration’s threats and ongoing pressure.”

Powell said that the Justice Department, which Trump has repeatedly wielded against his political opponents, served the Federal Reserve on Friday with grand jury subpoenas related to the central bank chair’s congressional testimony on Fed office building renovations.

But Powell, who was first nominated to his role by Trump in 2017, said accusations that he misled lawmakers about the scope of the renovations were a “pretext” obscuring the real reason the Justice Department is pursuing a criminal indictment.

“The threat........

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