Federal Judge Quashes Justice Department Subpoenas of Fed Chair Jerome Powell

2 days ago

A federal judge quashed subpoenas issued by the Justice Department against Federal Reserve Chair Jerome Powell.
The ruling is seen as a blow to President Donald Trump, who has criticized Powell for not lowering interest rates.
Judge James Boasberg stated the subpoenas appeared to pressure Powell into lowering rates or resigning, with no evidence of criminal activity.
The Trump administration has been pressuring the Fed to lower interest rates, highlighting tensions between the White House and the politically independent central bank.
Powell responded to a subpoena by releasing a video defending the Fed's independence.
Trump nominated Kevin Warsh to replace Powell, but confirmation is delayed due to the ongoing probe.
Jeanine Pirro, the DC US attorney, announced plans to appeal the ruling and denied political motivations behind the investigation.
The case reflects broader concerns about Trump using the Justice Department to target political adversaries.
Boasberg, an Obama appointee, has previously ruled against the Trump administration in high-profile cases.
The judge concluded the subpoenas were issued for improper purposes, lacking legitimate justification.

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