The Justice Department served the Federal Reserve with grand jury subpoenas over Powell`s congressional testimony about renovations to the Fed`s headquarters.

Federal Reserve Chair Jerome Powell in Washington in December.Al Drago / Bloomberg via Getty Images

Federal Reserve Chair Jerome Powell said Sunday that the Justice Department subpoenaed the central bank Friday with the threat of a criminal indictment, the latest move in a yearlong pressure campaign from the Trump administration.

Powell said the threatened indictment related to his testimony before the Senate in June about the renovation of Federal Reserve office buildings.

"No one - certainly not the chair of the Federal Reserve - is above the law," Powell said. "But this unprecedented action should be seen in the broader context of the administration`s threats and ongoing pressure."

Powell indicated that the administration`s latest tactic would not lead to his departure from the central bank, which President Donald Trump has repeatedly called for. Powell said he would "continue to do the job the Senate confirmed me to do, with integrity and a commitment to serving the American people."

Top White House officials have accused Powell of mismanagement of a previously planned renovation of the Federal Reserve building. Over the summer, they suggested he misled Congress about the renovation of the central bank`s headquarters.

The Federal Reserve said over the summer it has brought in its inspector general to review the building expansion. Powell ordered the review following criticism from Trump over the project, which was hit by cost overruns.

But Powell has also said the plans have evolved over time.