New Delhi, Jan. 12 -- Federal Reserve Chair Jerome H Powell has confirmed that the US Department of Justice has served the Federal Reserve with grand jury subpoenas, raising the spectre of a potential criminal indictment connected to his testimony before the Senate Banking Committee last June.

In a public statement, Powell said that his testimony had addressed, in part, a long-running renovation project involving historic Federal Reserve office buildings.

Powell emphasised his respect for the rule of law, stressing that no individual, including the Fed Chair, is above legal accountability.

At the same time, he described the US Department of Justice action as unprecedented and occurring at a time of what he characterised as sustained pr...