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Federal Reserve · Jerome Powell · Monetary Policy · Subpoenas
Chief U.S. District Judge James Boasberg upheld his decision to block subpoenas issued to Federal Reserve Chair Jerome Powell in a criminal investigation, effectively halting the probe and setting the stage for a likely appeal by the Justice Department.
Judge Boasberg, appointed by Democratic President Barack Obama, rejected the Justice Department's bid to reconsider his earlier ruling, stating prosecutors had a "total lack of a good-faith basis to suspect a crime" and presented "no evidence whatsoever of fraud." The subpoenas, issued by Washington, D.C.'s top federal prosecutor Jeanine Pirro, a Trump ally, sought information on cost overruns at the Fed's headquarters and Powell's congressional testimony. Pirro's office confirmed it will appeal the "judiciary’s interference with our access to the grand jury," a decision backed by Justice Department leadership.
This ruling marks Powell's latest victory in a probe he calls a pretext for President Donald Trump to influence monetary policy. The appeal will delay the confirmation of Kevin Warsh, Trump’s pick to succeed Powell, as Senator Thom Tillis vows to block Warsh's nomination until the probe concludes.
Powell has pledged to remain at the central bank until the investigation is resolved.
Judge Blocks Powell Subpoenas; Fed Chair Stays(current)
