Judge blocks DOJ subpoenas against Fed Chair Jerome Powell
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A federal judge has blocked the Justice Department’s efforts to issue a pair of grand jury subpoenas to the Federal Reserve Board, concluding that they were merely a “pretext” to pressure Federal Reserve Chairman Jerome Powell to lower interest rates or resign.
In the ruling, U.S. District Judge James Boasberg said there was “ample evidence that the predominant (though not the sole) purpose of the subpoenas was to harass and pressure Powell to either yield to the President or resign and make way for a Fed Chair to make way.”
“The court must therefore conclude that the reasons given for these subpoenas are merely pretexts,” he added.
The news comes after U.S. Attorney General Jeanine Pirro said her office last year opened a criminal investigation into Powell over his testimony to Congress regarding the $2.5 billion renovation of the Fed’s headquarters in Washington, D.C.
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