WASHINGTON, Jan 12 — US Federal ‌Reserve Chair Jerome Powell said on Sunday 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.

“On Friday, the Department of Justice served the Federal Reserve with grand jury subpoenas, threatening a criminal indictment ‍related to ‍my testimony before the Senate Banking Committee last June,” Powell said in a statement on ​Sunday in what amounts to a dramatic escalation in the fight between him and Donald Trump that dates to Powell’s first years as chair in 2018.

“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 ‌the brief ‍statement released by the Fed late on Sunday.

The ‍White House did not immediately respond to a ‍request for comment on Powell. — Reuters